Neiman Marcus has officially exited bankruptcy

An exterior view of the closed Neiman Marcus flagship store in downtown Dallas, Texas in April 2020. (Tom Fox/Dallas Morning News/TNS)
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By Maria Halkias The Dallas Morning News (TNS)

DALLAS — Neiman Marcus has completed its bankruptcy court-led restructuring in four and a half months.

The Dallas-based luxury retailer’s plan was confirmed two weeks ago, but Friday marks the official exit. The restructuring frees Neiman Marcus of $4 billion in debt and interest payments of more than $200 million, which sapped it of its ability to be profitable and invest in its business.

Neiman Marcus now has $1.25 billion in debt, down from $5.1 billion, and no near-term maturities. It also exits with a $750 million term loan from Credit Suisse. The company said this week that its cutting staff at its stores and restaurants, but it didn’t quantify the cuts.

Earlier this month, the company named a few of the people on its board of directors. On Friday, it released its full list:

— Geoffroy van Raemdonck, who has been chief executive officer of Neiman Marcus Group since February 2018.

— Meka Millstone-Shroff, who serves as a strategic operating adviser and board member to a variety of companies, including serving as an independent director on the boards of Party City and Nanit.

— Pauline Brown, who most recently served as the chairman of North America for LVMH Moet Hennessy Louis Vuitton and served on the boards of L Capital and several LVMH subsidiaries, including Donna Karan, Marc Jacobs, and Fresh Cosmetics.

— Pamela Edwards, who most recently served as chief financial officer of the Mast Global and Victoria’s Secret divisions of L Brands.

— Kris Miller, who was the chief strategy officer for eBay, the global e-commerce marketplace, from 2014-20.

— Scott D. Vogel, who is the managing member at Vogel Partners LLC.

“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. 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,” said van Raemdonck in a statement.

“We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner and employer.”

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