Neiman Marcus' borrowings total about $4.8 billion, some of which remains from a $6 billion leveraged buyout in 2013 by its owners, private-equity firm Ares Management Corp and Canada Pension Plan Investment Board.
A contractor enters a Neiman Marcus Group Ltd. store at the Hudson Yards development in New York, U.S., on Tuesday, March 5, 2019.Neiman Marcus, saddled with debt and hit by the coronavirus pandemic, filed for bankruptcy on Thursday.
The luxury department store had been struggling with competition from online rivals and dwindling cash before the pandemic. The health crisis exacerbated its problems, forcing it to furlough most of its 14,000 workers and close its 43 Neiman Marcus stores. It is hoping that a bankruptcy filing will help it flush the more than $4 billion in debt that remains as a memento from its sale to private equity firms to Ares Management and Canada Pension Plan Investment Board in 2013.
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