Beauty Packaging Staff09.28.20
Neiman Marcus Holding Co., which filed for bankruptcy protection in May, has completed its Chapter 11 bankruptcy protection process.
The company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan. Additionally, the group’s restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.
Neiman Marcus also has a new board of directors, including former LVMH North America chairman Pauline Brown and former eBay Inc. chief strategy officer Kris Miller.
Geoffroy van Raemdonck will continue to serve as chief executive officer.
“We are continuing to evaluate every part of our business to ensure we are positioned for long-term success. Through our ongoing evaluation of the business, we have identified areas within our organization that need to be further streamlined,” van Raemdonck commented.
Streamlining the company includes substantially reducing its headcount. Selling and non-selling associates at both the Neiman Marcus and Bergdorf Goodman stores are being let go. In addition, restaurant and bar staff at the stores will be pared down, though many of the food and beverage workers are expected to be rehired as the restaurants and bars reopen.
The company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan. Additionally, the group’s restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.
Neiman Marcus also has a new board of directors, including former LVMH North America chairman Pauline Brown and former eBay Inc. chief strategy officer Kris Miller.
Geoffroy van Raemdonck will continue to serve as chief executive officer.
“We are continuing to evaluate every part of our business to ensure we are positioned for long-term success. Through our ongoing evaluation of the business, we have identified areas within our organization that need to be further streamlined,” van Raemdonck commented.
Streamlining the company includes substantially reducing its headcount. Selling and non-selling associates at both the Neiman Marcus and Bergdorf Goodman stores are being let go. In addition, restaurant and bar staff at the stores will be pared down, though many of the food and beverage workers are expected to be rehired as the restaurants and bars reopen.
