The Neiman Marcus Group is just one of many major retailers being severely impacted by the coronavirus pandemic, with sources indicating the 113-year-old retailer is on its way to 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 for more than a month.
While Neiman Marcus has yet to file for Chapter 11 bankruptcy protection, if it does so it will follow several other fashion brands that have succumbed to the pressures of the pandemic in the last two months, including Los Angeles fashion label Bldwn, British retailer Debenhams, Elizabeth Arden Red Door spas and True Religion.
Here, WWD breaks down the specifics of Neiman Marcus’ potential bankruptcy, including the factors that are contributing to the filing and prospective buyers.
Has Neiman Marcus filed for bankruptcy?
The Neiman Marcus Group has not yet filed for bankruptcy.
Are the Neiman Marcus stores closing?
The Neiman Marcus Group has temporarily closed its 43 Neiman Marcus and two Bergdorf Goodman stores
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 for more than a month.
While Neiman Marcus has yet to file for Chapter 11 bankruptcy protection, if it does so it will follow several other fashion brands that have succumbed to the pressures of the pandemic in the last two months, including Los Angeles fashion label Bldwn, British retailer Debenhams, Elizabeth Arden Red Door spas and True Religion.
Here, WWD breaks down the specifics of Neiman Marcus’ potential bankruptcy, including the factors that are contributing to the filing and prospective buyers.
Has Neiman Marcus filed for bankruptcy?
The Neiman Marcus Group has not yet filed for bankruptcy.
Are the Neiman Marcus stores closing?
The Neiman Marcus Group has temporarily closed its 43 Neiman Marcus and two Bergdorf Goodman stores