Neiman Marcus files for bankruptcy

Storied retailer Neiman Marcus filed for Chapter 11 bankruptcy protection on May 7, with coronavirus-driven decline in revenue making it impossible for the company to maintain its debt servicing.

The chain, whose in-store sales were stable, had been through two corporate acquisitions that saddled it with $5.1 billion in debt. Most of its stores have been temporarily closed.

Leave a Reply

Your email address will not be published. Required fields are marked *