WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
MajorsMar 26, 2019
Neiman Marcus Creditors Extend Payment Deadline
The luxury retailer is sitting on nearly $5 billion worth of debt.
Neiman Marcus recently opened a 188,000-square-foot store at Hudson Yards, New York City’s new upscale shopping center.
Dallas—Neiman Marcus Group Inc.’s creditors are throwing the retailer a life line, giving the company a few more years to pay off its mounting debts.
The luxury retailer is saddled with $4.46 billion in debt as of its latest quarterly results.
More than 55 percent of its lenders and more than 60 percent of its unsecured noteholders have agreed to extend maturities on the company’s debt, Neiman Marcus announced in a statement Monday.
At least 95 percent of both its lenders and noteholders would need to give approval, but the percentage can be lowered at the company’s discretion.
The retailer would have until 2023 to pay its term loans and until 2024 for the unsecured notes, the latter of which would be paid via a debt exchange, which the company expects to begin in April.
Neiman Marcus owes more than $2.5 billion to the creditors in agreement and said it will pay down $550 million of its debt to term loan lenders.
“This transaction provides substantial value to our lenders and creates ample runway to execute on and complete Neiman Marcus Group’s transformation plan into a luxury customer platform,” Neiman Marcus Group CEO Geoffroy van Raemdonck said.
“The commitments we have obtained for this transaction are a validation of our business and transformation strategy and our leadership team,” he added.
The term loan holders who agree to the arrangement will receive a higher interest rate than those who opt out.
The lenders and noteholders who choose not to participate will also be prevented from taking part “in a transaction on these terms at a future date,” the company said.
The statement also addressed ongoing legal issues related to the company’s 2014 acquisition of German luxury fashion e-commerce site myTheresa.
Its myTheresa segment raked in about $345 million in fiscal 2018, boasting a high level of customer loyalty.
A recent company presentation noted that 26 percent of its revenue stems from the top 3 percent of customers and touted its potential for international expansion.
The retailer transferred its myTheresa unit to a corporate entity held by its private equity owners in September 2018, according to an SEC filing.
Investment firm Marble Ridge pursued legal action, arguing that the transaction was a way to move the valuable assets out of the reach of creditors, but the case was dismissed by a Texas judge due to lack of “subject matter jurisdiction.”
The company said all claims related to the company’s transfer of myTheresa
Editors' Picks
Sponsored by
will be resolved and non-participating parties will not be able to file claims going forward.
Neiman Marcus recently opened a 188,000-square-foot location at Hudson Yards, New York City’s new upscale shopping center, which features restaurants, a custom hat shop, an in-store shoe shiner, a pop-up florist, a stage for live performances and a slew of other offerings.
Neiman Marcus recently opened a 188,000-square-foot location at Hudson Yards, New York City’s new upscale shopping center, which features restaurants, a custom hat shop, an in-store shoe shiner, a pop-up florist, a stage for live performances and a slew of other offerings.
More on Majors
The Latest
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
Weekly QuizJul 31, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship WinnersThe organization has awarded a total of $42,000 through its scholarship programs this year.
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging DesignersThe winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright BaublesAs summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in QueensMoshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet JewelersThe addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ NecklaceThe necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in AustinIts opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.
SurveysJul 30, 2025
Consumer Confidence Ticks Up in JulyRespondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”
