Overview
- The proposed package includes a $1.0 billion debtor-in-possession loan, a $240 million asset-based facility, and $500 million available upon emergence.
- Company filings say stores will stay open during the case as negotiations proceed toward a restructuring or potential sale.
- Luxury-brand claims total about $345 million, including Chanel at $136 million and Spain’s Puig at $12 million, with Kering, Richemont, LVMH and Christian Louboutin also listed.
- Liquidity pressures intensified after a missed interest payment exceeding $100 million on Dec. 30 and vendors began withholding inventory, leading to asset sales such as Neiman Marcus’s Beverly Hills property.
- Leadership is shifting with Geoffroy van Raemdonck replacing Richard Baker as CEO, alongside new roles for Darcy Penick and Lana Todorovich.