The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Neiman Marcus Files for Chapter 11 Bankruptcy Protection
The luxury department store chain succumbed to its mounting debt and the effects of the coronavirus pandemic.
Dallas—Neiman Marcus Group Ltd. filed for Chapter 11 bankruptcy protection Thursday amid its struggle with mounting debt coupled with the “unprecedented disruption” caused by the coronavirus pandemic.
The luxury department store chain said it plans to reorganize and emerge from bankruptcy by the fall.
Neiman Marcus, like so many retailers, temporarily closed its 43 locations in response to the pandemic and furloughed 14,000 workers.
The closures, which include Neiman Marcus, Bergdorf Goodman, and Last Call stores, have been extended to May 31 in light of health and safety concerns, said the company, adding that reopenings will not be affected by the bankruptcy proceedings.
The retailer is continuing sales through its e-commerce sites, and is offering curbside pickup at 10 stores, including all stores in Texas, as well as in Tampa, Las Vegas and at its Tysons Corner store in Virginia.
As of Monday, the Atlanta and NorthPark (Dallas) Neiman Marcus stores are available to customers by private appointment.
RELATED CONTENT: So Long: The Big Stores We Bid Farewell to in 2019CEO Geoffroy van Raemdonck said in a press release the company was making “solid progress” toward long-term profitability and sustainable growth until COVID-19 hit.
“We are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
The retailer has secured $675 million in debtor-in-possession financing— a type of financing extended to companies in distress that is overseen by the lender and subject to court approval—from its creditors to keep itself afloat through bankruptcy.
Creditors have also agreed to a $750 million financing package to refinance the DIP financing and provide the retailer with additional liquidity.
The bankruptcy filing is expected to eliminate around $4 billion in debt, said the company.
Neiman Marcus said it plans to emerge from bankruptcy in early fall.
It’s the second major retailer to file for bankruptcy recently, joining J. Crew, which went Chapter 11 earlier this week.
The Latest
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The announcement came as the company reported a 23 percent drop in production in Q1.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.