Neiman Marcus exploring options to cut debt
Luxury department store retailer Neiman Marcus is looking for relief from its heavy debt.
The company has hired Lazard Ltd. to explore debt restructuring options, but it is no immediate risk of bankruptcy, reported Reuters.
Neiman Marcus is struggling under $4.8 million in debt, with the load at least partially credited to the company’s $6 billion leveraged buyout in 2013, when current owners Ares Management LP and CPPIB, acquired it from other private equity firms, according to the report.
The Dallas News printed a statement from Neiman Marcus in which the retailer said the following: "We routinely retain consultants and advisors to evaluate opportunities to create long-term value for our associates, customers and other stakeholders and will continue to do so moving forward."
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