The NMG Holding Company / in charge of Neiman Markus/ issued a five -year senior secured bond in March 2021 which was assigned a CAA2 rating( very low level “ junk” in finance jargon).Valuation means very high risk of the bond. Proceeds needed to make it possible to pay loan and interest. Maturity of 2025. This suggest more bad news are on horizon
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The newest is that Moody’s investors service recently added Neiman to its BANKRUPTCY watch list.Neiman’s in store sales plunged 34% over the six months ended Jan 30 2021, while its online sales dropped 6% over the same period. Vendors providing goods to Neiman’s on a limited basis or only if they pay for it up front. They selling corporate wall art / pictures /, they sold two warehouses.... Guess what it’s next?
Neiman’s is going into garbage dumpster. It is terminally il patient surviving for a while feed by “ cash” customers buying shoes, bags and belts hopping for miracle.Remember Jacobson’s. Geoffroy buried Ralph Laurel and now Neiman’s.My prediction they will put sign “ For sale” in June 2021
This company is like a 3 legged dog pulling a fat man uphill in a sleigh. With one glance anyone can see it’s gonna end badly.
Hudson Buy / sax fifth av/ already working with Geoffrey and gang to take it over cheap. Neiman’s position is same like Kmart. No more customer base / means no future/ before was swallowed by Sears. Then top management from Kmart continue work for Sears and destroyed Sears. Geoffrey looking the same. He was third class adviser at Ares / and Neiman’s/. He took $10 000 000 from company which he put in bankruptcy to help them get out of bankruptcy.Hope the new owners have a brain. All those general managers applauding him every time he open mouth / gang salute leader/ and him sending them fat bonus check when they drove thousands on the street. And they doing that by the love how crook said.
I heard the severances were the cheapest ever.
I thought NM had already shut down.
I heard over 100. It never ends.