The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Neiman Marcus to Exit Bankruptcy by Sept. 30
The retailer is set to emerge from bankruptcy on time in spite of a legal issue surrounding one of its creditors.
Dallas—Neiman Marcus has received the green light on its reorganization plan and expects to emerge from bankruptcy by Sept. 30.
The plan was approved by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
It’s expected to eliminate more than $4 billion of existing debt and more than $200 million of interest expense, with no near-term maturities.
The retailer will receive a $750 million exit financing package from institutional investors, which will give it additional liquidity and allow it to refinance its debtor-in-possession financing, a type of financing extended to companies in distress that is overseen by the lender and subject to court approval.
The exit loan was given on top of the $900 million asset-based loan—a loan backed by a security asset—from Bank of America and other commercial banks.
The retailer said the financing will be enough to support it through its transformation.
“Neiman Marcus Group is positioned to win thanks to our differentiated and deep customer-associate relationships, the mutual trust of our lenders and brand partners, and our accelerated digital transformation,” said CEO Geoffroy van Raemdonck.
The company filed for Chapter 11 bankruptcy protection in May with plans to reorganize and emerge by the fall.
It had been grappling with mounting debt followed by disruptions related to the coronavirus pandemic, including temporary store closures and the furloughing of 14,000 employees.
The retailer has closed seven of its 43 Neiman Marcus locations and 17 of its 22 Last Call discount stores.
Notably, it shuttered its Hudson Yards location, a 188,000-square-foot store in the upscale New York City shopping center.
The retailer is set to exit bankruptcy in-line with its fall time frame despite a legal issue involving one of its creditors.
Dan Kamensky, founder of hedge fund Marble Ridge, was recently arrested by federal prosecutors and charged with securities fraud, wire fraud, extortion and obstruction of justice.
He allegedly pressured a rival bidder to scrap its higher bid for assets connected to the retailer’s bankruptcy so that Marble Ridge could get them at a lower price and then tried to persuade the rival to cover it up.
In a U.S. Department of Justice press release, FBI Assistant Director-in-Charge William F. Sweeney said: “In a conversation with an employee of the investment bank, Kamensky went as far as to say, ‘Maybe I should go to jail.’ Today, we’ve removed the ‘maybe,’ and forced
In 2018, Kamensky also sued the company in 2018 after it transferred ownership of ecommerce division MyTheresa to a corporate entity controlled by Neiman Marcus’ private equity owners.
He publicly claimed the retailer was insolvent and was attempting to move a valuable asset out of the hands of its lenders in the event of bankruptcy.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."