Neiman Marcus emerges from bankruptcy | Beauty Packaging
The company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC, are funding a $750 million exit financing that fully refinances its debtor-in-possession loan. Additionally, the group’s restructuring plan eliminated more than $4 billion in debt and $200 million in annual interest charges.
Neiman Marcus also has a new board of directors, including former LVMH North America president Pauline Brown and former eBay Inc. chief strategy officer Kris Miller.
Geoffroy van Raemdonck will retain his role as CEO.
“We continue to evaluate every part of our business to ensure we are positioned for long-term success. Through our ongoing assessment of the business, we have identified areas within our organization that need further streamlining,” commented van Raemdonck.
The rationalization of the company involves a substantial reduction in its workforce. Selling and non-selling associates of Neiman Marcus and Bergdorf Goodman stores are licensed. Additionally, store restaurant and bar staff will be reduced, although many food and beverage workers are expected to be rehired when restaurants and bars reopen.