Just 16 months ago, Neiman Marcus rolled out the red carpet to debut its 188,000 sq.-ft. store at Hudson Yards mall, the ambitious retail project on the West Side of Manhattan. Now after much speculation, the bankrupt retailer has confirmed it will exit the location as part of its Chapter 11 bankruptcy restructuring.
In court documents that detailed its lease plans on Thursday, Neiman Marcus said that, in addition to the New York City store, it would shut units in Bellevue, Wash.; Palm Beach, Fla., and Fort Lauderdale, Fla. It will also exit 17 Last Call outlet locations, according to the filing. More store closures could be on the way: Neiman Marcus is also marketing leases in Walnut Creek, Calif. and in the Mazza Gallerie mall in Washington, D.C.
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The Dallas-based luxury retailer went bankrupt in May after months of speculation — and while the coronavirus accelerated its plans, Neiman Marcus was already challenged by a heavy debt load.
“Our restructuring plan is focused on alleviating our debt load, not mass store closures. We are confident in the performance of our overall store footprint,” a Neiman Marcus Group spokesperson said shortly after the bankruptcy filing. “That said, we always assess our stores based on our footprint to ensure it is optimal to enhance revenues and overall profitability, as well as how each store can best support our omnichannel strategy.”
The Related Companies, which owns Hudson Yards, has been been on the hunt for alternative tenants to fill the Neiman Marcus space. Facebook, which already occupies a sizable amount of space in the complex, is one company that’s likely to move in.
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