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Neiman Marcus expects to emerge from bankruptcy by end-September

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September 4, 2020 4:42 PM EDT

FILE PHOTO: The signage outside the Neiman Marcus store is seen during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 19, 2020. REUTERS/Jeenah Moon

By Uday Sampath Kumar

(Reuters) - Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than $4 billion of its debt.

The luxury department store chain filed for bankruptcy protection in May, in one of the highest-profile retail collapses during the COVID-19 pandemic.

The 113-year old company said certain institutional investors will fund a $750 million exit financing package that would fully refinance its debtor-in-possession loan and provide additional liquidity for its business. (https://reut.rs/3lQGqFE)

The Bankruptcy Court for the Southern District of Texas, Houston Division, approved Neiman Marcus' reorganization plan.

Clothing company J.Crew Group Inc said last week it expects to emerge from bankruptcy in early September.


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