Neiman Marcus Group is stepping up preparations to seek bankruptcy protection, after the coronavirus pandemic forced the debt-laden U.S. luxury department store chain to close its stores, people familiar with the matter said on Thursday.
Neiman began holding confidential discussions this week with bondholders about possible financing that would help the company continue operating while under bankruptcy protection, the sources said. The company has also started similar discussions in recent days with its lenders, one of the sources said.
Up until this week, Neiman had received inquiries from creditors about its next moves but had not commenced discussions about a possible bankruptcy, some of the sources said. . . . more