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Who’s Owed What? Neiman’s Top Unsecured Creditors a Who’s Who of Luxury Fashion

Neiman Marcus Group owes millions to a who’s who of luxury fashion.

The luxury retailer on Thursday filed its expected voluntary Chapter 11 petition for bankruptcy court protection after reaching a restructuring agreement with a two-thirds majority of its creditor groups.

The filing in a Houston federal bankruptcy court shows the high-end chain expects to exit bankruptcy in early fall. Stores operate under the nameplates Neiman Marcus, Bergdorf Goodman and Last Call, the less lucrative off-price business it has largely abandoned. Neiman also owns the e-commerce platform Horchow, while luxury e-commerce platform operates as a separate, independent business and is not impacted by the bankruptcy, although there’s a possibility that it might revisit putting the operation up for sale.

“The binding agreement from our creditors gives us additional liquidity to operate the business during the pandemic and the financial flexibility to accelerate our transformation. We will emerge a far stronger company,” Geoffroy van Raemdonck, Neiman’s chairman and CEO, said, noting the coronavirus outbreak’s devastating impact on the upscale chain.

Given Neiman’s focus on high-end, designer fashion, it’s no surprise that a number of household luxury brands have high exposure to the company’s bankruptcy saga, with millions at stake.

The bankruptcy petition’s list of the company’s top 30 unsecured creditors includes some owed money for professional services or holders of notes, but also contains a who’s who of fashion’s elite brands. Other unsecured fashion creditors didn’t make the top list, although an additional documentation of these firms will likely be made available at a later date.

In the meantime, here’s a look at the luxury brands named in the petition, listed in order of greatest to least exposure:

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  1. Chanel Inc.: $6,001,542.90
  2. Veronica Beard: $4,345,511.83
  3. Gucci America: $3,161,245.70
  4. Dolce & Gabbana: $2,710,677.38
  5. Stuart Weitzman Inc.: $2,576,154.14
  6. Theory LLC: $2,542,798.85
  7. Christian Louboutin: $2,268,911.92
  8. Yves Saint Laurent: $2,179,587.67
  9. Burberry USA: $1,969,504.82
  10. Akris Pret A Porter: $1,840,736.56
  11. Rag & Bone Industries: $1,755,347.07
  12. Eileen Fisher: $1,626,840.55
  13. Frame Denim: $1,625,367.01
  14. Versace USA Inc.: $1,529,458.98
  15. Prada USA Corp. Miu Miu: $1,434,536.86
  16. Giorgio Armani: $1,430,376.87
  17. Tory Burch–Tory By TRB: $1,375,980.93
  18. Johnny Was: $1,345,041.15
  19. Jimmy Choo: $1,164,736.26
  20. Ferragamo USA Inc.: $1,163,434.11
  21. Alice & Olivia LLC: $1,151,248.96
  22. Lafayette 148 Inc.: $1,058,515.10
  23. Manolo Blahnik: $1,041,835.75
  24. Givenchy Corp.: $999,269.60
  25. The Row: $948,909.87
  26. Brioni Roman Style: $932,648.60
  27. Ermenegildo Zegna: $905,113.09
  28. Bottega Veneta: $887,717.20
  29. Balenciaga America: $860,626.64
  30. Vince: $849,186.88
  31. Alexander McQueen: $835,073.38
  32. Chloe Inc.: $792,473.29
  33. Balmain USA LLC: $787,269.88
  34. Ralph Lauren: $733,272.73