Neiman Marcus files for Chapter 11 bankruptcy
Neiman Marcus Group, the 113-year-old chain known for its high-end department stores, filed for bankruptcy on Thursday, making it the second major retailer to do so during the coronavirus pandemic.
The Dallas-based retailer has struggled to pay down $5 billion in debt, much of it from leveraged buyouts in 2005 and 2013. The pandemic has forced it to temporarily shutter all 43 of its stores and furlough the majority of its 14,000 workers. In addition to its namesake stores, the company also owns Bergdorf Goodman, Horchow and Mytheresa.
“The writing has been on the wall for years: Neiman Marcus has an unsustainable amount of debt,” said Steve Dennis, a Dallas-based consultant and former Neiman Marcus executive. “The pandemic just accelerated the inevitable."
The company’s filing comes three days after mall-based apparel chain J. Crew filed for Chapter 11 bankruptcy.
https://www.msn.com/en-us/money/companies/neiman-marcus-files-for-chapter-11-bankruptcy/ar-BB13KdaH?li=BBnb7Kz