×
144
Fashion Jobs
HTNK
Enterprise New Business Manager (UK)
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant
Permanent · LONDON
PINK PANTY
Web Manager
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hoopers, Wilmslow (Maternity Cover) (37.5)
Permanent · Manchester
SHISEIDO
Bareminerals Account Manager - Debenhams, Dundee (37.5)
Permanent · Dundee
SHISEIDO
Bareminerals Account Manager - Debenhams, Winchester (Maternity Cover)
Permanent · Hampshire
KIMAI
Marketing Manager
Permanent · LONDON
FOREO
Senior Creative PR Storyteller
Permanent · LONDON
MICHAEL KORS (UK) LIMITED
Ecommerce Operations Manager, Emea
Permanent · London
SHISEIDO
Account Manager - Debenhams
Permanent · BURY SAINT EDMUNDS
SHISEIDO
Bareminerals Account Manager - Debenhams, Ipswich (37.5)
Permanent · Ipswich
SHISEIDO
Shisiedo Group Fragrance Account Manager - John Lewis, Brent Cross (22.5)
Permanent · London
ETRO
Senior Sales Assistant
Fixed-term · BICESTER
MARNI
Sales Associate
Permanent · BICESTER
MAJE
Stock Controller, Full Time - Selfridges, London
Permanent · LONDRES
A.T. STUDIO
Graphic Design Intern
Internship · BURNLEY
A.T. STUDIO
Production Work Placement
Internship · BURNLEY
CLAUDIE PIERLOT UK
Store Manager - 40h - Birmingham m/f H/F
Permanent · BIRMINGHAM
CLAUDIE PIERLOT UK
Sales Assistant - 24h - Bicester Village m/f H/F
Fixed-term · BICESTER
CLAUDIE PIERLOT UK
Stock Controller - 40h - Selfridges London m/f H/F
Permanent · LONDRES
CLAUDIE PIERLOT UK
Sales Assistant - 30h - Harrods m/f H/F
Fixed-term · LONDRES

Luxury department store chain Neiman Marcus files for bankruptcy

By
Reuters
Published
May 7, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.

The Neiman Marcus store at Bal Harbour in Miami


Neiman Marcus, which filed for bankruptcy in a Houston federal court, said it reached agreement with creditors for $675 million of debtor-in-possession financing to aid operations while it attempts to reorganize.

The luxury department store chain follows J. Crew Group Inc, which filed for bankruptcy protection on Monday with a plan to hand over control to lenders.

Dallas-based Neiman Marcus also said it would cede control to creditors under the agreement that will eliminate $4 billion of debt. Its debt currently totals about $5 billion.

Reuters earlier reported that the company was preparing to file for bankruptcy within days.

Neiman Marcus, laden with debt after a private equity takeover, reached a deal with creditors for more financial breathing room last year that avoided a bankruptcy filing but succumbed in recent weeks to government orders that closed businesses deemed non-essential to slow the spread of the coronavirus.

“Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” Chief Executive Officer Geoffroy van Raemdonck said.

The nearly 113-year-old company in March furloughed many of its roughly 14,000 employees and temporarily closed all its 43 Neiman stores, two Bergdorf Goodman locations in New York and roughly two dozen Last Call stores.

It skipped debt payments in April, including one that only gave the company a five-day grace period to make good before defaulting.

The company said it expects to emerge from the process in early fall this year.

© Thomson Reuters 2020 All rights reserved.