Neiman Marcus bankruptcy options include selling business, closing some stores

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Neiman Marcus Group Inc. is preparing to file for bankruptcy protection as soon as Wednesday, with plans to restructure its debt in hopes of reopening most of the luxury chain’s stores after the coronavirus pandemic, according to people familiar with the matter.

The lenders who would steer Neiman through bankruptcy are considering several options, including selling the business outright or closing some of Neiman’s 43 department stores to continue operating in a slimmed-down form, they said.

The company is near a debtor-in-possession financing agreement with existing lenders, a person familiar with the matter said. The company has about $4.7 billion in debt.

Neiman failed to make interest payments last week, starting a clock on a potential bankruptcy filing. One of the missed payments had a grace period of just five days. Reuters earlier reported that Neiman could file for bankruptcy protection as soon as this week.

Originally Published on MarketWatch

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