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.
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
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
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.
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.
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.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
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.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
