Lab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.
MajorsMay 07, 2020
Neiman Marcus Files for Chapter 11 Bankruptcy Protection
The luxury department store chain succumbed to its mounting debt and the effects of the coronavirus pandemic.
Neiman Marcus recently opened a 188,000-square-foot store at Hudson Yards, New York’s new upscale shopping center. The luxury department store chain filed for Chapter 11 bankruptcy protection Thursday.
Dallas—Neiman Marcus Group Ltd. filed for Chapter 11 bankruptcy protection Thursday amid its struggle with mounting debt coupled with the “unprecedented disruption” caused by the coronavirus pandemic.
The luxury department store chain said it plans to reorganize and emerge from bankruptcy by the fall.
Neiman Marcus, like so many retailers, temporarily closed its 43 locations in response to the pandemic and furloughed 14,000 workers.
The closures, which include Neiman Marcus, Bergdorf Goodman, and Last Call stores, have been extended to May 31 in light of health and safety concerns, said the company, adding that reopenings will not be affected by the bankruptcy proceedings.
The retailer is continuing sales through its e-commerce sites, and is offering curbside pickup at 10 stores, including all stores in Texas, as well as in Tampa, Las Vegas and at its Tysons Corner store in Virginia.
As of Monday, the Atlanta and NorthPark (Dallas) Neiman Marcus stores are available to customers by private appointment.
RELATED CONTENT: So Long: The Big Stores We Bid Farewell to in 2019CEO Geoffroy van Raemdonck said in a press release the company was making “solid progress” toward long-term profitability and sustainable growth until COVID-19 hit.
“We are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
The retailer has secured $675 million in debtor-in-possession financing— a type of financing extended to companies in distress that is overseen by the lender and subject to court approval—from its creditors to keep itself afloat through bankruptcy.
Creditors have also agreed to a $750 million financing package to refinance the DIP financing and provide the retailer with additional liquidity.
The bankruptcy filing is expected to eliminate around $4 billion in debt, said the company.
Neiman Marcus said it plans to emerge from bankruptcy in early fall.
It’s the second major retailer to file for bankruptcy recently, joining J. Crew, which went Chapter 11 earlier this week.
More on Majors
The Latest
FinancialsAug 12, 2022
Brilliant Earth’s Fine Jewelry a Hit in Q2The company is also continuing its retail expansion.
AuctionsAug 12, 2022
2 Rolexes Paul Newman Gave to Stuntman Stan Barrett Head to Auction The sale also will include a third Rolex, with all three watches tied to Barrett’s 1979 attempt to break the world record for land speed.
Brought to you by
The American Mined™ Collection: Ethical Sourcing That MattersRio Grande provides a pathway to responsibly sourced gemstones.
CollectionsAug 12, 2022
Piece of the Week: İTÄ Jewelry’s ‘Danza’ RingIt mixes diamond shapes and colors.
Weekly QuizAug 11, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
AuctionsAug 11, 2022
Sotheby’s Is Preparing its First Art Jewelry Auction This Fall“Art as Jewelry as Art” features works from artists like Salvador Dalí, Alexander Calder, and Max Ernst.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
IndependentsAug 11, 2022
Martin Katz Is Moving to a PenthouseThe jeweler is relocating his Beverly Hills store after 20 years and has begun developing a lifestyle brand.
Events & AwardsAug 11, 2022
HRD Antwerp Is Bringing Back Its Jewelry Design Competition The Belgian organization is calling for entries from all over the world, with an eye on attracting emerging talent.
ColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This YearSherry Smith digs into year-to-date data on lab-grown vs. natural diamonds, the performance of colored gemstone jewelry, and more.
EditorsAug 10, 2022
Take a Tour Through Buccellati’s Vintage Jewelry CollectionAssociate Editor Lenore Fedow leads readers through the Italian jeweler’s works from the 1940s to the 2000s.
CrimeAug 10, 2022
Smash-and-Grab NY Thieves Flee with $2M in JewelsThe NYPD is still searching for the four suspects who robbed Rocco’s Jewelry in the Bronx.
Events & AwardsAug 10, 2022
JA New York Returns with New Designer GalleryThe jewelry trade show is taking place Aug. 14-16 at the Javits Center in New York City.
MajorsAug 09, 2022
Signet to Buy Blue Nile in $360M DealThe jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.
TechnologyAug 09, 2022
Tiffany & Co.’s CryptoPunk Pendant NFTs Are Sold OutThere were only 250 made available, selling for more than $50,000.
CollectionsAug 09, 2022
Cora Sheibani Shows a Magic Garden of Jewelry at Sotheby’sThe British-based Swiss designer’s “Pottering Around” collection is for sale at Sotheby’s East Hampton starting this week.
SourcingAug 09, 2022
Diamond Price List Introduces ‘Insights’ Platform It provides real-time diamond market analytics.
SourcingAug 09, 2022
Grandview Klein to Donate Dialysis Machines to Namibian ClinicThe diamond firm will give the donation at a ceremony in Namibia this month during a trip for select retail jeweler partners.
CrimeAug 08, 2022
Nehal Modi Sentenced to 3-9 Years in Grand Larceny CaseHe was convicted last month after falsely claiming he had a deal with Costco in order to obtain millions in diamonds from LLD Diamonds USA.
TrendsAug 08, 2022
Amanda’s Style File: Spicy SpinelsTough, vibrant, and full of personality, spinel is a perfect birthstone for August babies, Amanda Gizzi says.
IndependentsAug 08, 2022
Gemist, NDC to Offer Custom Pieces by BIPOC DesignersDorian Webb, one of the designers in the Emerging Designers Diamond Initiative, will be the first to work with Gemist.
MajorsAug 08, 2022
Here’s How to Support Jewelers for Children this JFC DayThe charity will hold its fifth annual fundraising day on Sept. 24.
SourcingAug 05, 2022
Rare Earth Mining Co.’s Bill Heher Dies at 72The passionate gem lover helped bring more than 300 different varieties of stones to the gem trade.
TrendsAug 05, 2022
Piece of the Week: Storrow Jewelry’s ‘Emblem Rosa’ CharmThe brand has attracted attention for its colorful, vintage-inspired pieces.
MajorsAug 05, 2022
Former Nike Executive Joins Team at David Yurman Marcelo Tau is the company’s new chief operations officer.
Policies & IssuesAug 05, 2022
Satta Matturi Joins RJC BoardThe jewelry designer founded her eponymous brand in 2015 after nearly two decades in the diamond industry.
