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 14, 2020
Neiman Marcus to Exit Bankruptcy by Sept. 30
The retailer is set to emerge from bankruptcy on time in spite of a legal issue surrounding one of its creditors.
The Neiman Marcus store in Hudson Yards. The location is set to close as part of the retailer’s plan to emerge from bankruptcy by fall.
Dallas—Neiman Marcus has received the green light on its reorganization plan and expects to emerge from bankruptcy by Sept. 30.
The plan was approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
It’s expected to eliminate more than $4 billion of existing debt and more than $200 million of interest expense, with no near-term maturities.
The retailer will receive a $750 million exit financing package from institutional investors, which will give it additional liquidity and allow it to refinance its debtor-in-possession financing, a type of financing extended to companies in distress that is overseen by the lender and subject to court approval.
The exit loan was given on top of the $900 million asset-based loan—a loan backed by a security asset—from Bank of America and other commercial banks.
The retailer said the financing will be enough to support it through its transformation.
“Neiman Marcus Group is positioned to win thanks to our differentiated and deep customer-associate relationships, the mutual trust of our lenders and brand partners, and our accelerated digital transformation,” said CEO Geoffroy van Raemdonck.
The company filed for Chapter 11 bankruptcy protection in May with plans to reorganize and emerge by the fall.
It had been grappling with mounting 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.
Notably, it shuttered its Hudson Yards location, a 188,000-square-foot store in the upscale New York City shopping center.
The retailer is set to exit bankruptcy in-line with its fall time frame despite a legal issue involving one of its creditors.
Dan Kamensky, founder of hedge fund Marble Ridge, was recently arrested by federal prosecutors and charged with securities fraud, wire fraud, extortion and obstruction of justice.
He allegedly pressured a rival bidder to scrap its higher bid for assets connected to the retailer’s bankruptcy so that Marble Ridge could get them at a lower price and then tried to persuade the rival to cover it up.
In a U.S. Department of Justice press release, FBI Assistant Director-in-Charge William F. Sweeney said: “In a conversation with an employee of the investment bank, Kamensky went as far as to say, ‘Maybe I should go to jail.’ Today, we’ve removed the ‘maybe,’ and forced
him to answer for his conduct.”
In 2018, Kamensky also sued the company in 2018 after it transferred ownership of ecommerce division MyTheresa to a corporate entity controlled by Neiman Marcus’ private equity owners.
He publicly claimed the retailer was insolvent and was attempting to move a valuable asset out of the hands of its lenders in the event of bankruptcy.
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.
