The coronavirus crisis is hitting the brick-and-mortar retail industry hard
The chain filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division and secured $675 million in financing. The company operates 43 Neiman Marcus stores, 22 Last Call stores and two Bergdorf Goodman stores and has a, according to credit rating firm Standard & Poor’s. Some of that debt is left over from its $6 billion buyout in 2013 by its owners, private equity firm Ares Management Corp and Canada Pension Plan Investment Board .
In an official statement, chairman and CEO Geoffroy van Raemdonck said, “Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business."“We will emerge a far stronger company. In a world that is changing, we are uniquely positioned to give our brand partners access to our loyal luxury customers like no other company.
Bergdorf Goodman addressed the news in a post shared on its Instagram, noting that "this is not a liquidation of our business." "We are resilient, and we will continue to bring you the luxury fashion, service and relationships you cannot find anywhere else," the statement said.On May 4, the beloved preppy label which has been worn by everyone from
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