Neiman Marcus

About Neiman Marcus

Neiman Marcus filed for Chapter 11 bankruptcy on May 7, 2020. The luxury department store had 5 billion in debt from its 2005 leveraged buyout by TPG and Warburg Pincus, and a subsequent 2013 recapitalization by Ares Management and CPPIB. The LBO debt burden prevented investment in e commerce and technology. The COVID pandemic closed stores and eliminated revenue. Neiman Marcus emerged from bankruptcy in September 2020 after eliminating 4 billion in debt. The restructuring gave ownership to creditors including Davidson Kempner and Pacific Investment Management. Neiman Marcus was acquired by Saks Fifth Avenue parent company in 2023 in a 2.7 billion merger. The merger created Neiman Marcus Group, combining two iconic luxury retailers.