CrimeJan 02, 2025
Rolex Sale That Went South Led to Murder of Florida Jeweler, Report SaysJeweler Anthony D’Amore was found dead inside his office Dec. 23, marking the fourth jeweler killed on the job in 2024, according to JSA.
MajorsSep 29, 2020
Neiman Marcus Exits Bankruptcy Under New Owners
Geoffroy van Raemdonck will remain CEO of the retailer.
Neiman Marcus decided to close its Hudson Yards location as part of its bankruptcy restructuring plan.
Dallas—Neiman Marcus has emerged from Chapter 11 bankruptcy after completing its restructuring process and reducing its debt.
The retailer has new owners, including investment firms PIMCO, Davidson Kempner Capital Management, and Sixth Street.
The new owners will finance a $750 million exit financing package, which will give the retailer additional liquidity and allow it to refinance its debtor-in-possession financing.
Neiman Marcus also received a $900 million asset-based loan from Bank of America and other commercial banks.
On top of these, it will get a $125 million FILO facility, a type of asset-based revolving credit facility, from private credit investment manager Pathlight.
The funds will be used to support ongoing operations.
The department store chain filed for Chapter 11 bankruptcy protection in May with plans to reorganize and emerge by the fall.
It had been struggling under a mountain of debt followed by disruptions related to the coronavirus pandemic, including temporary store closures and the furloughing of 14,000 employees.
The retailer has closed seven of its 43 Neiman Marcus locations and 17 of its 22 Last Call discount stores.
The most notable closure was its Hudson Yards location, a 188,000-square-foot store in the new and upscale New York City shopping center.
As per its restructuring plan, the company eliminated more than $4 billion of existing debt and more than $200 million of interest expense, with no near-term maturities.
Geoffroy van Raemdonck will remain CEO of the company and has a seat on its new board of directors.
The board also includes Meka Millstone-Shroff, a strategic operating officer at several companies; Pauline Brown, former chairman of North America for LVMH; Pamela Edwards, former chief financial officer of the Victoria’s Secret divisions of L Brands; Kris Miller, former chief strategy officer for eBay; and Scott Vogel, the managing member at investment firm Vogel Partners LLC.
“At the conclusion of this process, I remain profoundly impressed by the strength of Neiman Marcus and Bergdorf Goodman, the commitment of our associates, the unwavering support of our brand partners, and the loyalty of our customers,” said van Raemdonck in a press release.
“While the unprecedented business disruption caused by COVID-19 has presented many challenges, it has also given us the opportunity to reimagine our platform and improve our business. We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner and employer."
More on Majors
The Latest
WatchesJan 02, 2025
Ben Bridge Opens Tudor Boutique in HonoluluThe opening marks Tudor’s first location in Hawaii.
SourcingJan 02, 2025
Gemfields Resumes Ruby Mining in MozambiqueThe miner temporarily halted operations on Dec. 24 following an invasion at the mine.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 02, 2025
Amanda’s Style File: New Year, New Jewels Set the tone for 2025 and commemorate the year gone by with glamorous jewelry fit for celebration.
Weekly QuizDec 27, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 30, 2024
In Memoriam: Jewelry Industry Leaders and Innovators We Lost in 2024From groundbreaking designers to dedicated retailers, National Jeweler pays tribute to the colleagues we bid farewell to this year.
Events & AwardsDec 30, 2024
Registration Now Open for JIS Spring 2025The jewelry trade show is set for March 9-11 in Miami.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
IndependentsDec 30, 2024
MJSA Elects New Board ChairEdward N. DeCristofaro, who served as MJSA’s board chair from 2012 to 2014, is returning to the role.
SourcingDec 27, 2024
IDCA Announces 2025 Board MembersManoj Bhandari, a principal of RMC Gems Inc., is the new president of the Indian Diamond & Colorstone Association.
Events & AwardsDec 27, 2024
18 Designers Graduate from WJA’s Jewelry Loupe ProjectThe designers participated in a six-month business development and mentorship program to develop and launch their jewelry collections.
MajorsDec 24, 2024
Nordstrom Family, Partner to Take Retailer Private in $6B DealMembers of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
MajorsDec 24, 2024
Boucheron Bets on Las VegasThe brand has opened its second U.S. location in the Fontainebleau resort and casino.
EditorsDec 24, 2024
The Spectrum Jewels I Want to Find Under the Tree Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
SourcingDec 24, 2024
Gemfields to Temporarily Suspend Emerald MiningThe move is one of several cost-cutting measures outlined by the company as it faces a weaker luxury market and other challenges.
IndependentsDec 23, 2024
Philadelphia 76ers’ Tyrese Maxey Stars in The 1916 Company’s New CampaignThe retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
