Neiman Marcus Group

This year's Fortune 500 marks the 65th running of the list.

Fortune 500

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Neiman Marcus Group | Fortune

Neiman Marcus Group Company Profile, Stock Price, News, Rankings | Fortune

On the days where Geoffroy van Raemdonck isn’t tasting wines or riding on horses, he is leading the $5 billion-a-year luxury retailer, Neiman Marcus Group. He gave Fortune a rundown of his daily routine that kicks off at 6:15 a.m. sharp.

Daily routine of Neiman Marcus’s 51-year-old CEO who loves horseback riding and collects wine

Geoffroy van Raemdonck is the CEO of Neiman Marcus Group

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Geoffroy van Raemdonck leads the $5 billion-a-year luxury retailer, Neiman Marcus Group. He gave Fortune a rundown of his daily routine that kicks off at 6:15 a.m. sharp.

The daily routine of Neiman Marcus’s CEO

What I love about uh fashion is that it's about newness. It's about the creativity. It's about something that feels fresh and relevant now and that touches your emotion when you wear it or when you use it. What I love about luxury is the attention to detail, the authenticity and the craftsmanship that goes into the product. The two together are a powerful force to have people enjoy life. I'm Jo Van Armonk. I'm 51 year old and I'm the CEO of Neiman Marcus group. I've been in this position for almost six years. I became interested in fashion very early on in my life. My mother loved fashion and I realized that there was a way to express yourself by how you were dressing and there was a way to put things together that could be very creative. I thought about it as a consumer. And it's only later in life that I realized that there's a science behind uh fashion and retail. I enjoy the first hour uh for myself. And it is really the moment where I meditate. I do a little bit of stretching and then if I need to plan some things, uh for myself, for the family or for the business. That's the moment where I have the most quietness and the most focus. We have twin boys who are seven year old. We start around seven with a breakfast with the Children. That's a really joyful moment. There's some days where I work from home. Typically one or two days a week, there are days where I'm in the office, typically 2 to 3 days a week. And then I would say one or two weeks a month, I travel. The way I have a productive day for me is really to remind myself of what are my goals for the week and what are my goals for the day? And I always prepare so that we are very pointed in what we cover, but also so that we have time to talk. And then I would say the day goes, I typically have lunch from 1245 to 1. It is a very short moment, but it's a moment where I leave everything away and I just uh enjoy it. I'll take fruits during the day at snacks and then don't eat much meat, eat a lot of vegetable, a lot of fish for lunch and dinner. And then being married to an Italian, we eat a lot of pasta which I love specifically at night. I, I don't really have a sweet tooth, but I will confess that every day, around four o'clock, I do have a piece of dark Belgian chocolate. I get a lot of joy from that little piece of chocolate at the end of the day is the moment to recap. What happened in the day. Make sure that I inform one of discussions that happened, thoughts that I had or uh decisions. It's a moment or where I uh specifically look at what touched me in the day and that's an important moment. It's what touched me, uh not from uh um impact but what touched me in the emotions. My kids know that after 630 they can come in my office and they can start sharing things. And my favorite thing to do at night is an activity with our twin boys. And that assumes that I'm not traveling or I don't have a social engagement. But if I'm available to be with the Children, we do an activity. I would say half the time they take the lead on what should we do? And then half of the time I make a recommendation and then typically between 10 and 11 or 1011 30 I go back to work and really focus on things that require some thinking. And I do a lot of really good thinking at night. The one thing I really love in my true luxury is wine. I collect wine so that I can share it first with my husband who really truly enjoys cooking and drinking delicious wine with our food and then with friends And for me, I love equally the researching, buying and keeping the wine in the cellar. I don't drink wine by myself. It's always a social moment. One of the things that I really like in the day that I either do in the morning, but I tend to do at the end of the day is the thank you moment. And I was taught by great mentors of the power of sending a thank you note before COVID, I was sending anywhere between three and five thank you notes that were handwrit post COVID. And in the ways of working at demon Marcus group where not everyone is in the office every day. A lot of those notes are text or emails or small phone calls, but it's really important for me. The moment of thank you. It reminds me every day that we ought to be thankful. We ought to be thankful for people who go on the journey of revolutionizing luxury experiences at Neiman Marcus. And I want to be a generous leader. The way I remind myself is by recognizing the generosity of others. My favorite pair of shoes is a pair of Louis Vuitton sneakers and they are um black, they are shiny, they are high top and I can wear them with jeans so I can wear them with um tuxedos. And I love the versatility they provide and also that when you look at them, they are truly kick ass

Bankruptcy doesn’t mean a business is shutting its doors

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a company is seeking bankruptcy protection. What it really is doing is looking for some breathing room to fix the finances, fix its core business and also, uh, protect itself from claims from its creditors. While it tends to do that, the most common type of bankruptcy filing is Chapter 11 Big business anyway, because the assumption is generally that a business can be salvaged and it's usually the first step. There are other options as well. If a company's restructuring or it's attempted to turn around, don't work out. But Chapter 11 is almost always the first step. Companies of any size can use bankruptcy protection under the law, but typically, smaller companies are more likely to go out of business directly simply because they have less wherewithal for protracted battles with creditors, Uh, and also the legal fees that all this entails. Now J. Crew is reportedly set to file for bankruptcy. Neiman Marcus filed for bankruptcy today. The main reason for filing for bankruptcy protection is, uh, you think you can turn your business around, but you are choking on death. Um, and you just need to restructure the death. We saw that in the cases of J. Crew and Neiman Marcus, and in both cases, the lenders were turned into the owners of the company, so that lowers their debt loads. You also need to protect some of your core assets from creditors while you're trying to fix the business. So that includes things like having cash to pay your employees to pay your vendors. Uh, so above all, the idea is to give you a fresh start. And in fact, that's what Chapter 11 was designed for. There's nothing that prevents the company from filing for bankruptcy multiple times. And in fact, there's even a term slightly cheeky term in in the bankruptcy law World called Chapter 22 filing. And that's when a company has the dubious distinction of having filed twice for Chapter 11. The most common misperception about bankruptcy is that that simply means the companies going out of business. And it does not. Typically, it just means it's going to go into a phase where it's going to restructure its debt and his ownership and try to do a turnaround. So bankruptcy does not necessarily equal going out of business, although oftentimes a company that has sought bankruptcy protection, Um, if you can't make a go of it will end up liquidating later. Already, in the first part of 2020 we've seen quite a number of retail and consumer goods. Chapter 11 filings. You've seen models you've seen to religion Pier one, Neiman Marcus, J. Crew. And there are quite a few others that are likely to happen this year, according to, uh, bankruptcy lawyers, even though Chapter 11 is designed to give a company a fresh start. Oftentimes retailers can't make a go of it because there were other fundamental problems beyond their capital structure and their debt levels. But once in a while, you do see a brand live on. For example, Janie and Jack, which was part of Gymboree, was bought by Gap Inc in 2019. You also have companies like authentic brands that will buy intellectual property. They bought the Barneys New York trademark, and now we should expect to see a few Barneys New York boutiques inside Saks Fifth Avenue stores so brands can live on whether or not the operating companies that owned them, too mhm, mhm

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