Neiman Marcus (2020)

Neiman Marcus's May 2020 bankruptcy ended the luxury retailer's independence after a disastrous $6 billion leveraged buyout in 2013. Ares Management and Canada Pension Plan Investment Board bought at peak valuation, loading the company with debt just as department stores entered secular decline. The company paid $600 million annually in debt service while watching foot traffic evaporate. MyTheresa, the profitable German e-commerce subsidiary, was stripped out and separately sold. Neiman Marcus emerged from bankruptcy in 2020 with $4 billion less debt but the same structural challenges.