×
59 856
Fashion Jobs
OLD NAVY
District Manager - Kansas City
Permanent · San Francisco
OLD NAVY
District Manager - Kansas City
Permanent · Kansas City
OLD NAVY
General Manager - Shoppes at Gilbert
Permanent · Gilbert
OLD NAVY
Asset Protection Service Representative - Upper Darby
Permanent · Upper Darby
OLD NAVY
Assistant General Manager - n Georgia Premium
Permanent · Dawsonville
OLD NAVY
General Manager - Hilliard
Permanent · Hilliard
OLD NAVY
Assistant Manager, Customer Operations - Pavilion @ Durbin Park
Permanent · Saint Johns
OLD NAVY
General Manager - Oklahoma City Outlets
Permanent · Oklahoma City
OLD NAVY
Assistant Manager, Customer Operations - Peninsula Center
Permanent · Rolling Hills Estates
OLD NAVY
Assistant General Manager, Merchandising - Firewheel t/c
Permanent · Garland
OLD NAVY
General Manager - Great Mall
Permanent · Milpitas
OLD NAVY
General Manager - Broadway Plaza
Permanent · Walnut Creek
OLD NAVY
Assistant Manager, Customer Operations - Valley Fair Mall - ut
Permanent · West Valley City
OLD NAVY
General Manager - Bridge Street t/c
Permanent · Huntsville
OLD NAVY
Assistant Manager, Customer Operations - Mall Park Center
Permanent · Elizabethtown
OLD NAVY
Assistant Manager, Customer Operations - Montgomery - md
Permanent · Bethesda
OLD NAVY
General Manager - Oglethorpe Mall
Permanent · Savannah
OLD NAVY
Assistant Manager, Customer Operations - Edgewater Commons
Permanent · Edgewater
OLD NAVY
Assistant Manager, Customer Operations - Montrose Crossing
Permanent · Rockville
OLD NAVY
Assistant General Manager - Shops @ Pembroke Garden
Permanent · Pembroke Pines
OLD NAVY
General Manager - Tanger Outlet Savannah
Permanent · Pooler
OLD NAVY
Assistant General Manager, Merchandising - 69th st - Upper Darby
Permanent · Upper Darby
By
Reuters
Published
Nov 15, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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 2022 All rights reserved.