Monday, March 6, 2017

Neiman Marcus hires debt restructuring adviser

File Photo:  A customer walks by the Neiman Marcus Last Call store in Golden, Colorado January 23, 2014.  REUTERS/Rick WilkingU.S. high-end department store chain Neiman Marcus has hired investment bank Lazard Ltd to explore ways to bolster its balance sheet as it seeks relief from $4.9 billion in debt, people familiar with the matter said on Friday.

Neiman Marcus Group LLC is in no immediate risk of bankruptcy, the sources said. However, the move makes it the highest-profile U.S. retailer to turn to a debt restructuring adviser so far this year, as consumers increasingly embrace the internet for shopping.. . . more

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