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March 25, 2020

Neiman Marcus debt prices fall as luxury retailer weighs bankruptcy filing

Prices of loan related to US-based luxury retailer Neiman Marcus Group has dropped as it weighs options, including filing for bankruptcy, to reduce its $4.3bn debt.

Prices of loan related to US-based luxury retailer Neiman Marcus Group has dropped as it weighs options, including filing for bankruptcy, to reduce its $4.3bn debt.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
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The luxury retailer’s first-lien term loan, which is due for 2023, tumbled 8¢ to 10¢ on the dollar to about 38¢, reported Bloomberg, citing people familiar with the pricing matter.

According to the sources, the retailer’s approximately $500m of third-lien bonds due for 2024, which were trading at 18 cents, are now being priced at less than 10¢.

Although no official decisions have been taken, the luxury retailer has held initial negotiations with creditors about a bankruptcy loan to keep the firm operational while it creates a recovery strategy, reported the publication citing the people.

In an emailed statement to Bloomberg, the firm said: “Most businesses today are facing some degree of disruption from the unprecedented global economic environment resulting from the Covid-19 pandemic.

“We are evaluating all courses of action to preserve our financial strength so that we may continue serving our customers and associates, and being a great partner to luxury brands globally.”

Filing of Chapter 11 bankruptcy will enable the firm to keep its doors open, reduce its loans and close non-performing stores to cut down costs.

In response to the Covid-19 situation, Neiman Marcus temporarily closed its outlets. It currently operates 43 namesake stores in the US, 24 Last Call locations, two Bergdorf Goodman stores in Manhattan, and one Mytheresa in Germany.

Just as other retailers, Neiman Marcus is preparing itself for a slump due to store the closures due to Covid-19. The company stated that it will continue to serve its customers through online channels.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.