Neiman Marcus emerges from Chapter 11 bankruptcy amid COVID-19

Neiman Marcus said on Friday it has completed its Chapter 11 bankruptcy protection process, emerging from one of the highest-p൩rofile retail collapses during the COVID-19 pandemic.

Its restructuring plan eliminated more than $4 billion of debt and $200 million of annual interest expense.

The luxury department store chain said it had a new board of direct𝐆ors, including former LVMH North America Chairman Pauline Brown and former eBay Chief Strategy Officer Kris Miller.

Geoffroy van Raemdonck will continue to serve as chief executive officer of Neiman Marc🌌us Group, which had filed for bankruptꦑcy protection in May.

The 113-year-old company’s new owners, which include PIMCO, Davidson Kempner Capital Management and Sixth Street Partners LLC are funding a $750 million exit financing package that fully refinances its debtor-in-possession loan.