In weathering the COVID-19 roiled market, Restoration Hardware easily beat a Wall Street earnings estimate for the second quarter as the company continues on its way to significant margin gains, according to chairman and CEO Gary Friedman.
In a decision that allows the company to emerge from Chapter 11, the Bankruptcy Court for the Southern District of Texas issued a ruling confirming Neiman Marcus Group’s plan of reorganization.
Neiman Marcus has received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division for all of the first day motions related to its voluntary Chapter 11 proceedings filed on May 7.
Neiman Marcus has filed Chapter 11 and entered into a restructuring support agreement with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond.
Nordstrom and Neiman Marcus have opened updated urban department store formats in New York City, and while they are heavily apparel oriented, they have significant, meticulously merchandised housewares assortments with some home furnishings.
Neiman Marcus has appointed Lana Todorovich to president and chief merchandising officer. She will report to Neiman Marcus Group CEO Geoffroy van Raemdonck.
Neiman Marcus has opened a new Manhattan location, which debuts at the new Hudson Yards retail and commercial development, with an emphasis on upscale customer experiences.
International Market Centers is acquiring the Atlanta Decorative Arts Center, a design facility housing the Southeast’s largest collection of luxury furnishings for residential, hospitality and commercial applications.