According to several reports high-end retailer Neiman Marcus has officially come out of Chapter 11 bankruptcy. The reports show that Ares Management Corp. and Canadian Pension Plan Investment Board have now sold their stakes in Neiman Marcus Holding Company Inc. to Pacific Investment Management Co., Davidson Kempner Capital Management and Sixth Street Partners.

A new set of board members have also been appointed including Pauline Brown, the former chairman of North America for LVMH Moët Hennessy Louis Vuitton SE, and Kris Miller, the former chief strategy officer at eBay. Neiman Marcus cleared more than $4 billion USD in existing debt and now looks to reimagine the business