Neiman Marcus Says It Has A Plan
In bankruptcy documents filed last week, Neiman Marcus Group came prepared with plans — already agreed to by shareholders and major creditors — for an autumn exit, free of some $4 billion in debt and ready to embark on a comeback. For all that work, however, the question remains whether the luxury department store retailer can return to its former glory, which sprang from a high regard for fashion and personal service. “Neiman always served the high end in the Texas market, and traded in New York for years only as Bergdorf Goodman, in the theory that New Yorkers are very provincial — like never changing the name of Yankee Stadium, or how Duane Reade is ‘Walgreens’ everywhere else,” Alan Behr, fashion industry attorney and partner at Phillips Nizer, told Retail Dive, noting that the company opened a “Neiman Marcus” banner at Hudson Yards only last year. Read more at Retail Dive.
