×
202
Fashion Jobs
EXPLODE SERVICES
Manager ie Garment Exports
Permanent · Noida
THE BANYAN HR CONSULTS
Merchandising Manager For a Seamless Garments Textile co at Coimbatore
Permanent · Coimbatore
OPERA CLOTHING PRIVATE LIMITED
Production Manager For Garment Manufacturing Factory
Permanent · Vapi
GOKALDAS EXPORTS LTD
sr. Manager - Technical - Garments Industry Background
Permanent · Bengaluru
NIKE
Lead Technical Product Manager, ed&a – Apla
Permanent · Bengaluru
NIKE
Senior Security Incident Responder – Cis
Permanent · Bengaluru
FAABIIANA
Executive For Online Product & Order Management
Permanent · NEW DELHI
FAABIIANA
Customer Sales Executive (Female)
Permanent · NEW DELHI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Category Manager/sr. Manager-Institutional Sales - Garments Industry
Permanent · Bhiwandi
NIKE
Senior Technical Product Manager, Inventory & Order – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Finance – Apla
Permanent · Bengaluru
NIKE
Senior Technical Product Manager, Core Erp – Apla
Permanent · Bengaluru
OMREELS BIOSCOPE PVT LTD
Senior Executive Ecommerce
Permanent · MUMBAI
NIKE
Senior Technical Program Manager, Marketing Tech – Dtpo
Permanent · Bengaluru
NIKE
Service Delivery Manager, Operations Center – Tech Ops
Permanent · Bengaluru
NIKE
Director, Security Solutions & Delivery – Cis
Permanent · Bengaluru
NIKE
HR Manager - Nike India Technology Centre
Permanent · Bengaluru
NIKE
Financial Controller - India
Permanent · Bengaluru
NIKE
Software Engineering Manager, Finance & Procurement Technology – cf&c
Permanent · Bengaluru
NIKE
Service Delivery Manager, Sap & Omdl (Order Management & Delivery) – Tech Ops
Permanent · Bengaluru
NIKE
Service Delivery Manager, Batch & bi – Tech Ops
Permanent · Bengaluru
NIKE
Service Delivery Manager, HR/Finance & Payroll – Tech Ops
Permanent · Bengaluru
By
Reuters
Published
Mar 3, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Neiman Marcus reportedly hires debt restructuring adviser

By
Reuters
Published
Mar 3, 2017

U.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd to explore ways to bolster its balance sheet as it seeks relief from a $4.9 billion (4.00 billion pounds) debt pile, people familiar with the matter said on Friday.

Neiman Marcus is in no immediate risk of bankruptcy, the sources said. However, the move makes it the highest-profile U.S. retailer to turn to a debt restructuring adviser so far this year, as consumers increasingly embrace the internet for shopping.



The sources asked not to be identified because the matter is confidential. Neiman Marcus did not immediately respond to a request for comment, while Lazard declined to comment. One of Neiman Marcus' current owners, Canada Pension Plan Investment Board (CPPIB), declined to comment.

Neiman Marcus operates 42 Neiman Marcus Stores across the United States and two Bergdorf Goodman stores in Manhattan. The company also operates 27 Last Call clearance centers, according to its website.

In addition to grappling with headwinds affecting other U.S. retailers, a plunge in energy prices has further hit Neiman Marcus, because many of its affluent shoppers in Texas have curbed their spending.

The stronger U.S. dollar has also been negative for Neiman Marcus, curbing spending at its Bergdorf Goodman department stores that are popular with New York tourists.

Much of Neiman Marcus' debt load stems from its $6 billion leveraged buyout in 2013, when its current owners, Ares Management LP (ARES.N) and CPPIB, acquired it from other private equity firms.

Following the news of Lazard's hiring by Neiman Marcus, some Neiman Marcus unsecured bonds due in 2021 traded at 54 cents on the dollar, down about 7 percent from Thursday, according to Thomson Reuters data.

The company's approximately $3 billion term loan dipped as low as about 77 cents on the dollar, down from 81 cents earlier on Friday before the news broke, according to Thomson Reuters' LPC. The loan settled at approximately 80 cents on the dollar, LPC reported.

Earlier this year, the department store withdrew its initial public offering (IPO), two years after it had announced its plans to U.S. regulators. At the time, the department store did not explain why it withdrew its IPO registration.

Despite its challenges, Neiman Marcus has been renovating existing stores and still plans on opening new stores, including a flagship location at New York City's Hudson Yards development.

 

© Thomson Reuters 2022 All rights reserved.