Thursday, 16 April 2020

Neiman Marcus Group may have skipped bond payment




Neiman Marcus Group skipped a bond payment due this week to Marble Ridge Capital LP, according to a letter from the hedge fund to the luxury department store retailer sent Thursday, setting the heavily indebted chain on a path toward bankruptcy.

Neiman Marcus is advancing preparations for bankruptcy, Reuters reported this month.

A spokesman for Neiman Marcus did not immediately respond to a request for comment.

A Neiman bankruptcy filing would likely be contentious. A trustee for some of the company's bondholders, including Marble Ridge, sued Neiman last year, claiming the company and its owners robbed investors of the value of luxury e-commerce site MyTheresa in the earlier debt restructuring.

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