Deals
New Neiman Marcus CEO Faces Steep Challenge of $4.8 Billion Debt
- Debt restructuring may lie ahead for ex-Ralph Lauren executive
- Van Raemdonck is taking the reins from longtime CEO next month
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Geoffroy van Raemdonck has spent his career at global fashion companies such as Ralph Lauren Corp. and Louis Vuitton.
But it will take more than an eye for style to fix the problems at Neiman Marcus Group Ltd., a quintessentially American luxury department-store chain hoping to relive its former glory. Van Raemdonck, who becomes chief executive officer next month, is taking over a retailer facing heavy losses, an industrywide traffic slowdown and -- worse -- nearly $5 billion in debt.