85 418
Fashion Jobs
NEIMAN MARCUS
Senior Manager, Fulfillment Operations
Permanent · PITTSTON
NEIMAN MARCUS
Loss Prevention Investigator- Charlotte
Permanent · CHARLOTTE
LULULEMON
Visual Merchandising Specialist | Toledo Local
Permanent · TOLEDO
LULULEMON
Community Specialist | Martha's Vineyard
Permanent · EDGARTOWN
LULULEMON
Community Specialist | Market Street, Lynnfield
Permanent · LYNNFIELD
LULULEMON
Expeditor (9pm - 2am) | Scottsdale Fashion Square
Permanent · SCOTTSDALE
LULULEMON
Visual Merchandising Specialist | University Place, Orem - Full Time
Permanent · OREM
LULULEMON
Visual Merchandising Specialist | The Shops at Mission Viejo
Permanent · MISSION VIEJO
LULULEMON
Community Specialist | Village Meridian
Permanent · MERIDIAN
NORDSTROM
Customer Service Representative - Montgomery Mall
Permanent · BETHESDA
NORDSTROM
Retail Stock - Chandler Festival Rack
Permanent · CHANDLER
NORDSTROM
Customer Service Representative - Old Orchard Center
Permanent · SKOKIE
NORDSTROM
Chef - Nordstrom Grill - City Creek Center
Permanent · SALT LAKE CITY
NORDSTROM
Retail Stock - Mayfair Collection Rack
Permanent · WAUWATOSA
NORDSTROM
Asset Protection - Agent - International Plaza
Permanent · TAMPA
NORDSTROM
Area HR Business Partner - NE Stores - CT/NY Market
Permanent · NORWALK
NORDSTROM
Retail Stock - The Village at Totem Lake Rack
Permanent · KIRKLAND
NORDSTROM
Service Experience Rep - Fashion Island
Permanent · NEWPORT BEACH
NORDSTROM
Asset Protection - Agent - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Security Ambassador - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Agent - Westfield Culver City Rack
Permanent · CULVER CITY
NORDSTROM
Retail Stock - The Palms at Town & Country Rack
Permanent · KENDALL
By
Reuters
Published
Nov 15, 2017
Reading time
2 minutes
Download
Download the article
Print
Text size

Avenue's Lasry discloses stake in Neiman Marcus debt

By
Reuters
Published
Nov 15, 2017

Marc Lasry, the billionaire co-founder of Avenue Capital Group, said on Wednesday that the firm has invested in some of the approximately $4.8 billion in debt of loss-making luxury department store chain Neiman Marcus Group LTD LLC.


Marc Lasry, CEO and Co-Founder of Avenue Capital Group, speaks during the Reuters Global Investment Outlook Summit in New York


Speaking at the Reuters Global Investment 2018 Outlook Summit, Lasry said there have been some winners in retail, a sector that has seen more than a dozen bankruptcies this year as brick-and-mortar chains lose out to online shopping sites such as Amazon.com Inc.

“It seems that the ones who are doing well are the ones who are providing service or goods that people view as being rare,” Lasry said. “Luxury retail doesn’t seem to have gotten hurt.”

Lasry, whose fund focuses on restructurings and distressed assets, said he also has invested in the debt of specialty retailer J. Crew Group Inc.

“In certain situations, where you buy the senior debt, we think we are fine in those situations,” with yields seen in the mid- to high-teens or above 20 percent, including capital appreciation, Lasry said.

Neiman Marcus earlier this year said it was exploring strategic alternatives including a sale and had been in talks with competitor Hudson’s Bay Co, the owner of the Lord & Taylor and Saks Fifth Avenue chains. It ended talks to sell in June.

J. Crew completed a restructuring this year that trimmed its $2.1 billion debt load and pushed back deadlines to repay by two years.

Other retailers that have filed for bankruptcy this year include toy chain Toys “R” Us Inc, fashion house BCBG Max Azria Global Holdings LLC and discount shoe seller Payless Holdings LLC.

© Thomson Reuters 2024 All rights reserved.