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The chain of stores that will initiate insolvency proceedings. It succumbed to the economic crisis due to the coronavirus epidemic.
The Dallas-based company was left with few options after the pandemic forced it to temporarily close all 43 locations, about 20 Last Call stores and the two stores of its New York subsidiary, Bergdorf Goodman.
Neiman Marcus is in the final stages of negotiating a loan with his creditors totaling hundreds of millions of dollars, which would support some of his operations during bankruptcy proceedings, according to sources. It also laid off many of its approximately 14,000 employees.
The bankruptcy declaration could arrive in a few days, although the moment could change, the sources said. Neiman Marcus delayed paying millions of dollars in debt last week, including one he gave the company just a few days to avoid default.
Neiman Marcus’ loans total about $ 4.8 billion, according to Standard & Poor’s. Part of that debt is the legacy of the effective acquisition of $ 6 billion in 2013 by its owners, private equity firm Ares Management Corp., and the Canada Pension Plan Investment Board (CPPIB).
Photo source: Profimedia
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