Neiman Marcus, the luxury department store once known for its lavish holiday catalogues, $25,000 one-of-a-kind evening dresses and $2,000 designer handbags, is hoping to regain its lustre post-bankruptcy.
After four months of court proceedings, the Dallas-based luxury retailer will have shed the bulk of its $5 billion debt load and gained new owners, including Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management, the largest shareholder controlling three of the company’s seven board seats. Investors traded debt for equity, erasing much of the debt Neiman accumulated through two separate leveraged buyouts, in 2005 and 2013.