Neiman Marcus has filed for Chapter 11 bankruptcy protection, the first department store chain and second major retailer to be toppled by the coronavirus pandemic. Dallas-based Neiman Marcus, which operates 43 stores, said it expects to emerge from bankruptcy by this coming fall. Neiman Marcus said that the restructuring will eliminate US$4 billion of its roughly US$5 billion in debt. It was a big blow to Ares Management and the Canada Pension Plan Investment Board, which bought Neiman Marcus in 2013 for US$6 billion. “Prior to the coronavirus, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth,” said Neiman Marcus Group Chief Executive Geoffroy van Raemdonck in a statement.

Source: The Standard May 08, 2020 05:26 UTC