The Neiman Marcus Group is just one of many major retailers being severely impacted by the coronavirus pandemic, joining the growing list of brands filing for bankruptcy.
Prior to the outbreak, there was speculation that the company, which is behind Neiman Marcus, Bergdorf Goodman, Mytheresa, Horchow and Last Call, was the next retailer to file for bankruptcy because of its $4 billion in long-term debt. The COVID-19 pandemic has created an additional struggle for the retailer, as its stores have been closed since March.
The 113-year-old retailer follows several other fashion brands that have succumbed to the pressures of the pandemic and filed for bankruptcy over the last few months, including J.C. Penney, J. Crew, Centric Brands and True Religion, among others.
Here, WWD breaks down the specifics of Neiman Marcus’ bankruptcy, including the factors that contributed to the filing and prospective buyers.
Has Neiman Marcus filed for bankruptcy?
The Neiman Marcus Group filed for Chapter 11 bankruptcy protection on May 7 at the U.S. Bankruptcy Court for the Southern District of Texas.
The company has lined up $675 million in debtor-in-possession financing and reached a restructuring support agreement with a majority of its lenders.
Are the Neiman Marcus stores closing?
The Neiman Marcus Group temporarily closed its 43 Neiman
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