×
60 465
Fashion Jobs
OLD NAVY
General Manager - Tomball Crossings
Permanent · Tomball
OLD NAVY
Assistant General Manager - Springfield Commons
Permanent · Springfield
OLD NAVY
Asset Protection Manager
Permanent · Epping
OLD NAVY
Assistant General Manager, Merchandising - Sycamore Commons
Permanent · Matthews
OLD NAVY
Assistant General Manager - Hillside Village
Permanent · Cedar Hill
OLD NAVY
General Manager - Fayette
Permanent · Lexington
NIKE
Finance Director, Global Operations & Logistics (Goal)
Permanent · Beaverton
NIKE
Manager, Global Finance And Strategic Investment
Permanent · Beaverton
NIKE
Omnichannel Services Marketing Manager
Permanent · Beaverton
NEIMAN MARCUS
Loss Prevention Associate - Denver
Permanent · Denver
NEIMAN MARCUS
Loss Prevention Associate- Austin
Permanent · Austin
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Wichita
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · New York
ULTA BEAUTY, INC.
co - Sales Manager
Permanent · Wellington
ULTA BEAUTY, INC.
co - Sales Manager
Permanent · Littleton
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Rapid City
ULTA BEAUTY, INC.
co - Sales Manager
Permanent · Denver
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Chattanooga
BLOOMINGDALE'S
Business Manager - Home/yw
Permanent · Costa Mesa
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Orlando - Flex
Permanent · Orlando
BLOOMINGDALE'S
Business Manager - Men's
Permanent · Costa Mesa
BLOOMINGDALE'S
Outlet Keyholder Selling, Liberty Place - Full Time
Permanent · Philadelphia
Published
Jun 17, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Neiman Marcus secures DIP financing approval

Published
Jun 17, 2020

Dallas, Texas-based department store retailer Neiman Marcus Group announced on Tuesday that it is moving into the next phase of its bankruptcy proceedings, securing approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for a $675 million debtor-in-possession (DIP) financing package.
 

Neiman Marcus filed for bankruptcy in May, in the midst of the Covid-19 pandemic - Instagram: @neimanmarcus


The package includes the immediate availability of $250 million, as well as an additional $150 million as needed after September 4, 2020. Previously, Neiman Marcus had already received interim approval for $275 million when Chapter 11 proceedings began at the start of May, 2020.
 
“With the approval from the court to fully access the significant DIP financing we have secured from our creditors, we are well positioned to continue to serve our customers and global luxury brand partners,” said Neiman Marcus CEO and chairman Geoffroy van Raemdonck in a release.

“This financing provides us with ample liquidity to ensure business continuity as we gradually reopen our stores, invest in Fall inventory, and fund the expansion of our digital offerings as we continue our journey to become the preeminent luxury customer platform. Importantly, we remain on track to emerge from this process in Fall 2020,” he added.
 
Neiman Marcus filed for bankruptcy early in May, after the coronavirus pandemic pushed it to temporarily close all of its stores in mid-March.
 
At the time, the company entered into a binding restructuring agreement with holders representing over two-thirds of its outstanding debt. The retailer’s post-emergence capital structure is expected to eliminate approximately $4 billion in existing debt, with no near-term maturities.
 
Beginning earlier this month, Neiman Marcus started reopening its brick-and-mortar locations for curbside pick-up and private appointments, and has now opened 90% of its store fleet to some extent.
 
According to the company, sales have been stronger than expected during the reopening process. However, the retailer’s revenues are still far below pre-Covid-19 levels and the fact that its stores have been closed during the first months of its bankruptcy has meant that it experienced “negative cash flow” of around $300 million.

Copyright © 2021 FashionNetwork.com All rights reserved.