NEW YORK, April 30, 2019 /PRNewswire/ -- Following Neiman Marcus' press release today reporting on Neiman's restructuring and financial performance, Marble Ridge stated:
"The Neiman Sponsors today announced the third step in what Marble Ridge contends is a scheme to place the valuable MyTheresa assets beyond the reach of Neiman's creditors. At the same time, the Sponsors continue to mismanage Neiman Marcus, as underscored by Neiman's just reported weak financial results. This financial performance for 3Q 2019 was well below analyst estimates and, alarmingly, is underscored by comparable same store declines in revenues. The price of Credit Default Swaps now estimate over a 90% probability of default for Neiman within 5 years according to Bloomberg estimates.
"This restructuring—underscored by Neiman's poor financial performance and the pricing of credit default swaps—should place an even bigger sign on Neiman for all stakeholders to see that reads BEWARE.
"As we have communicated in the past, 100% of the valuable MyTheresa assets must be returned to Neiman Marcus."
Robert Siegfried / Cathryn Vaulman
SOURCE Marble Ridge Capital LP