Neiman Marcus parent sells its Beverly Hills site

Core Insights - Neiman Marcus has sold the land beneath its Beverly Hills flagship store to Ashkenazy Acquisition Corp to address debt obligations while continuing to operate as a tenant [1][2][5] - The sale is part of a broader strategy by Saks Global to raise cash, which may include offloading additional stores or seeking emergency financing [5][6] - The Beverly Hills retail property market remains strong, with high demand for luxury retail space and limited availability [7][8] Company Actions - Saks Global made a strategic decision to sell the property and enter a long-term lease, ensuring continued operations at the location [2][4] - The company is facing a $100 million debt payment deadline and is considering Chapter 11 bankruptcy as a last resort [6] Market Conditions - The Beverly Hills retail market is described as one of the most robust in the country, with virtually no available space on Rodeo Drive and increasing demand on nearby streets [7][8] - Luxury brands are increasingly purchasing their retail spaces rather than renting, indicating a shift in market dynamics [8]