UPDATE: Neiman Marcus emerges from bankruptcy
Luxury retailer Neiman Marcus Holdings Co. Inc. said Friday that it has emerged from bankruptcy, which "full support" of its creditors and new equity shareholders. The new owners, which include PIMCO, Davison Kempner Capital Management and Sixth Street, are funding a $750 million exit financing package. "With the successful implementation of our restructuring, Neiman Marcus and Bergdorf Goodman will continue to be the preeminent luxury shopping destinations for years to come," said Neiman Chief Executive Geoffroy van Raemdonck. "While the unprecedented business disruption caused by COVID-19 has presented many challenges, it has also given us the opportunity to reimagine our platform and improve our business." Neiman had filed for bankruptcy in May (http://www.marketwatch.com/story/neiman-marcus-files-for-chapter-11-bankruptcy-protection-2020-05-07), and was the first department store chain to succumb to the COVID-19 pandemic. Among others that went bankrupt are J.C. Penney (http://www.marketwatch.com/story/jc-penney-century-old-retailer-closes-its-doors-files-for-bankruptcy-2020-05-16)(JCPNQ) and Lord & Taylor (http://www.marketwatch.com/story/department-store-chain-lord-taylor-files-for-bankruptcy-2020-08-02).
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 25, 2020 15:15 ET (19:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.