Neiman Marcus debt investor says retailer may be in default
One of Neiman Marcus' debt investors is claiming the upscale department store company may be insolvent and in default on its bonds.
Marble Ridge Capital condemned Neiman Marcus for transferring its “crown jewel” e-commerce business, MyTheresa, into its parent company, reported CNBC, which cited a Sept. 18 letter Marble Ridge founder Daniel Kamensky sent to the retailer's board.
Neiman Marcus, has been struggling under the burden of approximately $4.7 billion in long-term debt, disclosed the restructuring on Sept. 18. In doing so, it follows a move made by a number of its peers, including J. Crew Group, that have stripped a company's most valuable assets away from its debt-holders, the report said.
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Marble Ridge Capital condemned Neiman Marcus for transferring its “crown jewel” e-commerce business, MyTheresa, into its parent company, reported CNBC, which cited a Sept. 18 letter Marble Ridge founder Daniel Kamensky sent to the retailer's board.
Neiman Marcus, has been struggling under the burden of approximately $4.7 billion in long-term debt, disclosed the restructuring on Sept. 18. In doing so, it follows a move made by a number of its peers, including J. Crew Group, that have stripped a company's most valuable assets away from its debt-holders, the report said.
To read more, click here.