Get fantastic content like this right in your inbox.
The Neiman Marcus Group received conditional approval for a reorganization plan that may have left Chapter 11 bankruptcy in early December.
According to Dallas Morning News, a US bankruptcy court judge is expected to approve a business plan and deal with unsecured creditors of Neiman Marcus’ European luxury fashion website Mytheresa. Neiman Marcus initially filed for Chapter 11 bankruptcy in May 2020.
The court also approved major wage increases for Neiman Marcus CEO Geoffroy van Raemdonck and seven other senior executives. In addition, $ 8.7 million has been approved to provide increases to 239 other employees, including vice presidents. The compensation increases were approved following objections from the bankruptcy court trustee. Creditors and lenders have not objected to raises for the reason that they are needed to retain valuable staff.