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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.
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