Neiman Marcus hires debt restructuring adviser: Reuters
U.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd to explore ways to bolster its balance sheet as it seeks relief from a US$4.9 billion debt pile, sources told Reuters. Neiman Marcus is in no immediate risk of bankruptcy, the sources said. However, the move makes it the highest-profile U.S. retailer to turn to a debt restructuring adviser so far this year, as consumers increasingly embrace the internet for shopping. Much of Neiman Marcus' debt load stems from its US$6 billion leveraged buyout in 2013, when its current owners, Ares Management LP and Canada Pension Plan Investment Board (CPPIB), acquired it from other private equity firms.
3 March 2017•2 mins read
