(Reuters) – Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.
The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.
Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees. read more
Oh effing well!
https://www.thecut.com/2017/02/neiman-marcus-has-also-dropped-ivanka-trumps-line.html
It is very difficult to sell anything when there are no customers,
Even for Needless Markup.
Over priced retail outlets selling clothing/shoes that no one will see you in while you sit on the sofa watching Netflix were bound to suffer.
I didn’t realize that Neiman Marcus was even in business yet until you brought it up.
Come to think of it, I feel the same way about Barbara Streisand.
used to call them Needless Markup thirty years ago
I imagine all these overpriced outlets that were already dying are going to blame “the rona”
I imagine they were on the edge of it already and the shutdown just pushed them over it.
I think that’s pretty much the norm for most coronavirus deaths.
The reality is that these outlets were already victims of Americas love of at home shopping. This shutdown only rushed the final nail in the coffin. We’re the ones putting retail out of business. If you’re not selling something that is spur of the moment shopping like hardware, car parts and such, you’re eventually going under.
Liberal cities – – you get what you vote for.
Needless Markup. My wife & I went in there
at the Houston Galeria back in the ’90s.There
was a “T” shirt,rather thin and crappy looking,
had a tree,a flower and some squiggley lines in
3 colors signed by some Italian “artist”.It
was a bargain at $900 frickin’ dollors!!!!!
DIFFERENT TIM,
It is sad and I hate it but you are right on!
brick-n-mortar store fronts going away.I ordered
a part from Summit racing on the web for my sport truck out
of Dallas 400 miles from my home at 10AM and the part
arrived next day at 2PM.Had plenty of time to install
the part before dark!
JC Penny is right behind them. Who’d have thunk? But I never thought Sears would end.
Damn, there go the annual Christmas Catalogs which featured His & Her Submarines, solid-gold golf putters, Babe Ruth’s used 1931 latex condom with Certificate of Authenticity, and my 1944 porcelain bedpan from my Gendron wheelchair, sold as-is. Good times.
Aren’t they some of the bunch who refused to carry Ivanka Trump’s design line? Tough shit.
It’s like we are going back in time. Department stores weren’t in every town and people ordered items out of a catalog and waited for it to arrive. Now, the “catalog” is our pc and chain stores are slowly disappearing.
Neiman Marcus has been a presence in my city for many years. Never stepped foot in a store.
My best friend worked as an auditor in their corporate offices, until her stroke in 2015. I hope she will still get her disability payment.