Luxury retailer Neiman Marcus Group filed for Chapter 11 bankruptcy this morning in Texas as part of a restructuring agreement with its creditors to remove some $4 billion in debt from its balance sheet, the company announced.
The department store chain said it plans to emerge from bankruptcy protection in the fall.
The company said it secured $675 million in debtor-in-possession (DIP) financing from its largest creditors, who in turn will become majority shareholders. That group of creditors includes Pacific Investment Management Co.
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