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Edelman is handling the Chapter 11 filing of Neiman Marcus Group, the debt-burdened luxury retailer that is blaming the COVID-19 crisis for the need to restructure its finances.
NMG CEO Geoffroy van Raemdonck said the company prior to COVID-19 was making solid progress on its journey to long-term profitable and sustainable growth.
"We have grown our unrivaled luxury customer base, expanded our industry-leading customer relationships, achieved higher omni-channel penetration, and made meaningful strides in our transformation to become the preeminent luxury customer platform," he said.
Van Raemdonck blamed the "unprecedented disruption caused by the COVID-19 pandemic," for placing "inexorable pressure on our business.”
NMG, which is based in Dallas, plans to use the Chapter 11 process to shed $4B in debt.
The company also announced that temporary shutdowns of some Neiman Marcus, Bergdorf Goodman and Last Call stores will be extended through May 31 to protect the health and safety of its customers and staff.
Edelman's Allison McLarty is working the bankruptcy.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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