Thursday, May 7, 2020

Neiman Marcus files for bankruptcy

Chain Store Age
In a move that was not unexpected, Neiman Marcus Group has filed for bankruptcy with an agreement that will eliminate about $4 billion of its debt and make its creditors the majority owners of its business.

Burdened with crushing debt and with its stores closed due to COVID-19, the luxury department store company is the second major retailer to file for bankruptcy during the pandemic, following a filing by J.Crew Group last week. . . . more