The Dallas, Texas-based department store retailer announced on Tuesday that it is moving into the next phase of its bankruptcy proceedings, securing approval for a $675 million debtor-in-possession financing package.
Hedge fund Mudrick Capital Management asked Neiman Marcus Group's independent directors on Tuesday to explore a combination with rival Saks Fifth Avenue, as the firm plans to reorganize under bankruptcy protection.
Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.
The department store operator announced a series of new strategic initiatives on Wednesday, including the fusion of its in-store and online teams, the sale of two distribution centers and the streamlining of Last Call.
Neiman Marcus has announced its acquisition of a minority stake in Fashionphile, making it the first major luxury retailer to directly invest in resale, a market segment projected to grow to $51 billion by 2023.
The Dallas, Texas-based department store operator reported a net loss of $29.0 million for the second quarter of 2019 on Tuesday, as the retailer pushes forward with efforts to turn its business around.
For the first time since its birth in 1907, Neiman Marcus will open a location in Manhattan on Friday, debuting a new range of exclusive digital and physical features at The Shops & Restaurants at Hudson Yards.