Neiman Marcus is on track to emerge from Chapter 11 in the fall. It received approval from the Texas bankruptcy court to access debtor-in-possession (DIP) financing for $250 million in immediate financing to help it through the court process. It will receive an additional $150 million in September to fund inventory, digital expansion plans and reassure brands of its future.

The DIP is crucial for any company to continue operating in bankruptcy, as it provides funds to pay employees, vendors, landlords and other parties and creditors. Neiman Marcus had about $5.5 billion in debt when it filed for Chapter 11 protection.

To date, 90% of the luxury department store's footprint is open either for curbside pickup, private appointment, full shopping or some combination.

Press release: NMG Receives Court Approval to Access Debtor-In-Possession Financing Facility

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