Life is far from normal in New York City. Times Square has emptied, museums are shut, Broadway theaters are dark, and concert halls are silent. New York’s cultural scene has been put on hold.
But Bergdorf Goodman is also part of the city’s cultural scene and, despite its owner’s financial woes, the store’s eventual FULL reopening will help bring a small part of normalcy back to city life.
It has not been an easy time for Bergdorf’s parent company, Neiman Marcus Group, Inc. Drowning in debt, the Neiman Marcus Group filed for Chapter 11 bankruptcy protection on May 7 2020. Upon filing, Neiman Marcus entered into an agreement with creditors and shareholders that included an infusion of cash and the elimination of $4 billion of debt, in exchange for a majority ownership of the firm.
The plan called for potential store closures but it also secured an immediate future for the retail chain. However this agreement was immediately challenged by some lenders who are unhappy with the deal.
They wanted the CEO removed and acquisition talks with Saks Fifth Avenue to resume. It’s a chaotic time for Neiman Marcus.
Bergdorf Goodman seems far removed from the boardroom mess and it appears more focused on its future. Neiman Marcus acquired Bergdorf Goodman in 1972.
As part of its acquisition, Neiman Marcus agreed to not open a rival store in New York City. Since then the two stores have operated under separate management teams. Only time will tell darlingsss..#Changeoftheguard
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