Following months of rumors, Dallas-based luxury retailer Neiman Marcus filed for Chapter 11 protection in Texas bankruptcy court on Thursday. The company reported assets ranging from $1-$10 billion with liabilities in the same range. Paperwork shows the 43-door department store chain has secured $675 million in financing as part of the process. The Neiman Marcus-owned Mytheresa is not included in the Chapter 11 restructuring.
Documents also reveal the store’s largest debts, which include a number of luxury labels. The top ten debts by label are as follows:
Chanel: $6 million
Veronica Beard: $4.35 million
La Mer: $3.52 million
Dolce & Gabbana: $3.16 million
Gucci: $2.71 million.
Stuart Weitzman: $2.58 million
Theory: $2.5 million
Christian Louboutin: $2.27 million
Sisley: $2.2 million
Saint Laurent: $2.2 million
In a press release, Neiman Marcus CEO Geoffroy van Raemdonck stated, “Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth. We have grown our unrivaled luxury customer base, expanded our industry-leading customer relationships, achieved higher omnichannel penetration, and made meaningful strides in our transformation to become the preeminent luxury customer platform.”
Yesterday the company announced it had begun to open up its doors through curbside pick up at select stores.
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It’s our honor to serve you & we look forward to doing that for many years to come. Love for our associates & customers drives us & we look forward to reopening our stores soon. In the meantime, we’re offering curbside pickup in select stores & appointment shopping at Dallas NorthPark & Atlanta. Thank you for your continued support! #NeimanMarcus #NMTogether