Reuters: Neiman Marcus to file for bankruptcy as soon as this week – IOTW Report

Reuters: Neiman Marcus to file for bankruptcy as soon as this week

(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

16 Comments on Reuters: Neiman Marcus to file for bankruptcy as soon as this week

  1. 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.

    9
  2. 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.

    3
  3. 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!

    3
  4. 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.

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  5. 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.

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