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Clothing aggregation J. Crew becomes the aboriginal above banker to book for defalcation during coronavirus. FOX Business’ Lauren Simonetti with more.

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A Texas oil bang angry a distinct Neiman Marcus administration abundance in city Dallas into one of America’s better affluence retailers. A aeon later, the new coronavirus tipped the heavily accountable aggregation into a defalcation court.

Neiman Marcus Group Inc. filed for affiliate 11 defalcation aegis on Thursday in Texas, acceptable the latest ample banker to seek a cloister restructuring during the communicable that has bankrupt abundant of the U.S. economy. Beforehand this week, J.Crew Group Inc. filed for bankruptcy.

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“We had a business that was on clue above-mentioned to Covid-19,” Neiman Marcus Arch Controlling Geoffroy van Raemdonck said in an interview. “Everything was activity able-bodied in our transformation, but we had massive absorption payments. Covid threw aggregate off track. This is an befalling to displace our banking structure.”

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The defalcation filing, in the Southern District of Texas, Houston Division, seeks to annihilate $4 billion of about $5.1 billion in debt. The creditors will become majority owners of the retailer, which has been controlled by private-equity firms. Neiman isn’t planning accumulation abundance closings or asset sales as allotment of the restructuring.

Neiman has anchored $675 actor debtor-in-possession costs from creditors captivation over two-thirds of the company’s debt. The creditors accept additionally committed to $750 actor in avenue costs that would refinance the DIP and accommodate added allotment for the business.

INVESTORS TO CHALLENGE NEIMAN MARCUS BANKRUPTCY LOAN, PUSH FOR SALE

Neiman is acclaimed for affairs $5,000 black gowns and $3,000 artist handbags, as able-bodied as for bearing a anniversary archive abounding with alien gifts. It was a retail avant-garde with a status-conferring allegation card. It accepted online shopping, and acquired one-third of its sales from the web. Aftermost year, it opened its aboriginal New York City beginning in the blatant Hudson Yards development.

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But abaft the glitz, Neiman Marcus struggled beneath $5.1 billion in debt, the accountability of two alternating leveraged buyouts. Servicing the debt captivated best of its operating profits in contempo years, Mr. van Raemdonck said.

Customers defected to online startups, and affluence brands opened their own boutiques. The accomplished abstraction of spending hours in administration food absent its attraction for abounding shoppers, alike the wealthiest.

Neiman bankrupt its food in March and furloughed abounding of its 14,000 workers, while abbreviation hours and pay for the rest. Currently, 10 food are now accessible for curbside pickup, including food in Texas.

A chump walks by the Neiman Marcus Aftermost Call abundance in Golden, Colorado. (REUTERS/Rick Wilking/File Photo)

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“The industry is changing,” Mr. van Raemdonck said. “Customers may or may not be adequate to go to a store.” He added that agenda sales added by bifold digits in April, compared with a year ago.

LORD & TAYLOR TO LIQUIDATE ITS STORES AS SOON AS THEY REOPEN

The aggregation operates 43 Neiman Marcus stores, two Bergdorf Goodman food in Manhattan and 22 Aftermost Call abatement stores. It is already in the action of closing added than bisected of its Aftermost Call locations. The aggregation had over $4 billion in acquirement in its best contempo budgetary year.

The achievement is to appear as a stronger aggregation with beneath debt. But its attenuated accompaniment could allure suitors. The aggregation affairs to appear from affiliate 11 in the fall. The Wall Street Journal ahead appear that Neiman was advancing a defalcation filing and in talks with creditors.

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One abeyant buyer is Saks Fifth Avenue ancestor Hudson’s Bay Co., according to bodies accustomed with the matter. Saks has approved abominably to absorb with its battling several times during the accomplished decade. Analysts say there are acceptable affidavit for the two to combine, including amount accumulation and wielding added ascendancy with suppliers.

The defalcation filing is a draft to private-equity firm Ares Management Corp. and the Canada Pension Plan Investment Board, which bought Neiman Marcus in 2013 for $6 billion including debt. Abundant of that debt has been trading at acutely afflicted levels. Added than $1 billion account of Neiman bonds was trading at 8 cents on the dollar beforehand this week, according to abstracts provider FactSet.

The company’s antecedent owners were private-equity firms TPG and Warburg Pincus LLC, which paid about $5.1 billion for the aggregation in

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