A delivery of boxes is wheeled as shoppers wander towards Neiman Marcus in the King of Prussia Mall in King of Prussia, Pennsylvania, November 22, 2019.
Mark Makela | Reuters
Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 insolvency at the end of the month under a restructuring program that’s very likely to get more than $4 billion of its own debt . )
The luxury department store chain filed for bankruptcy protection in May, at among those highest-profile retail collapses throughout the Covid-19 pandemic.
The 113-year old company stated sure institutional investors will finance a $750 million exit financing package which would totally refinance its debtor-in-possession loan and supply added liquidity for its small business.
The Bankruptcy Court for the Southern District of Texas, Houston Division, accepted Neiman Marcus’ reorganization plan.
Clothing firm J.Crew Group said last week that it hopes to emerge from bankruptcy in early September.