On Friday, the Dallas, Texas-based luxury Department Store Chain Neiman Marcus Holding Co. had said in a statement that it had completed its Chapter 11 bankruptcy process, marking up a breakthrough move that has witnessed an emergence of one of the highest-profile US retailers from the pandemic-induced fiscal slump.
Aside from that, according to the Neiman Marcus announcement released late on Friday, the restructuring plan of the American Chain of luxury departmental stores having holdings in 47 locations across the United States, had rubbed out roughly $4 billion in debts alongside $200 million in annual interest expenses.
More importantly, the luxury store chain, which had filed for a Chapter 11 bankruptcy protection back in the May this year, had also been quoted saying that it had structured a new board of directors that included the French luxury fashion retailer LVMH’s former North American Chair Pauline Brown alongside the former eBay Inc.
Source: Financial World
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 