1/14/2026
Read History of Neiman Marcus here
It only took 12 months for the deal to fall apart and then 14 days to file Ch 11
Saks acquired Neiman Marcus and Bergdoff in a $2.7 B acquisition to create a luxury juggernaut.
The lure of low interest rates caused the underwriters and Saks to ignore proper due diligence.
Saks missed a whopping $100 M debt payment in December and here we are.
It will be interesting to see how this is 'restructured.'
Here is the list of 'valued advisors' who helped underwrite this deal. Next time someone tells you how experienced and wise these usual suspects are remind them of this stunt.
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M. Klein & Company served as financial advisor and capital markets advisor to Saks Global on the acquisition of Neiman Marcus Group and related financings. Solomon Partners also served as a financial advisor to Saks Global.
Jefferies LLC served as a financial advisor to Saks Global and was also Lead Left Bookrunning Manager for the Senior Secured Notes issuance.
BofA Securities, RBC Capital Markets, Citigroup Global Markets Inc., and Morgan Stanley served as financial advisors to Saks Global, led the Asset-Based Lending (ABL) revolving credit facility, and served as Joint Bookrunning Managers for the Senior Secured Notes issuance.
Elm Street Advisors served as strategic, commercial and operational advisor. Deloitte served as a financial and tax advisor to Saks Global.
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