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Neiman Marcus could soon file for bankruptcy
There are reports that Dallas-based luxury retailer Neiman Marcus may file for bankruptcy soon due to the coronavirus shutdown.
DALLAS - Luxury retailer Neiman Marcus may file for bankruptcy this week, according to reports. The coronavirus may have been the last blow.
Neiman Marcus has 43 stores across the United States featuring high-end fashion and other luxury items. The Dallas-based company also owns more than two dozen Last Call outlet stores.
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It has a long history in Dallas. Neiman Marcus opened its first store in the Downtown Dallas area more than 100 years ago and it eventually expanded nationwide.
Each year, the Neiman Marcus Christmas catalog generates lots of publicity with its assortment of very pricey gifts, trips and other over-the-top items.
The Reuters news service is reporting that it may seek bankruptcy protection as soon as this week.
Neiman’s was forced to close all of its stores and furlough many of its 14,000 employees due to the COVID-19 pandemic.
It currently has $4.8 billion in debt. Reuters reported part of the money owed stems from the 2013 buyout of Neiman Marcus by the current owners.
If the bankruptcy filing goes through, Neiman’s would be the first major United States department store chain to fall prey to the economic fallout of the COVID-19 crisis.
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