Bankruptcy spells a new chapter for the Neiman Marcus Group, with $4 billion of its debt wiped out, different owners and a fresh financing package to keep operating.
Asked how he felt now that Neiman’s bankruptcy finally happened, van Raemdonck replied: “There is so much on the upside here with two-thirds of the creditors willing to exchange their debt for ownership and investing in the company. This is very positive. The mood is positive. We have a very healthy business and we were on track to deliver more profit this year than last year and grow our gross margin and our top line.
To some extent, the pandemic has accelerated NMG’s transformation efforts, which in large part center on bolstering the already-sizable digital business. It represents more than one-third of NMG’s $4 billion in revenues. In March, 4,500 associates were equipped with NM Connect and BG Connect technology, providing them with data and information on products and customers and ways to communicate with them via e-mail, exchanging photos, and other means.
Talk that Neiman’s would go bankrupt has been around since well before the coronavirus outbreak, making vendors and suppliers jittery. In several cases, they are owed millions of dollars and will not be paid for past orders.
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