September 21, 2018 / 2:25 PM / 3 months ago

Neiman Marcus bondholder says company may be in default - letter

NEW YORK, Sept 21 (Reuters) - Distressed investor Marble Ridge Capital LP said in a letter to Neiman Marcus Group Ltd LLC that the luxury department store company may be in default after it moved its Mytheresa business into an entity owned by the retailer’s private equity owners.

“With management serving at their behest, these recent actions threaten the viability of a storied franchise that includes marquee brands such as Neiman Marcus and Bergdorf Goodman,” said Dan Kamensky, managing partner of Marble Ridge, in the letter, dated Sept. 18, which was seen by Reuters.

Neiman Marcus did not immediately provide a comment when contacted by Reuters.

The company said it moved the Mytheresa online business on Tuesday, a transfer that Marble Ridge said in the letter may have made the company insolvent. Marble Ridge owns bonds and a portion of the term loan of Neiman Marcus. (Reporting by Jessica DiNapoli Editing by Bill Rigby)

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