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Neiman Marcus Missed an Interest Payment, Marble Ridge Says

  • Failure to pay $5.7 million on bonds is a default, fund says
  • Bankruptcy has been among company options under discussion
Manhattan's Newest Flagship Department Stores Are Ignoring the Retail Apocalypse
Photographer: John Taggart/Bloomberg
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Neiman Marcus Group Ltd. missed a payment on some of its bonds, according to a letter from Marble Ridge Capital LP, raising the possibility that the luxury retailer is spiraling into default.

In a letter to the Neiman Marcus board, Marble Ridge said the department store chain was already in default on its debt, after failing to pay interest on its 2021 notes that the investment firm owns. The missed payment triggers a 30-day grace period before a formal event of default takes effect. The omission amounts to $5.7 million, according to a Marble Ridge representative.