After J Crew, Dallas based luxury retailer Neiman Marcus fell prey to the ongoing COVID-19 Pandemic. The Neiman Marcus Group has ended the months of speculation and filed for Chapter 11 bankruptcy to restructure its debt amounting to $5 million.
Neiman Marcus has been one of the many stores that have been asked to shut down its operations after losing sales to the outbreak of a global pandemic.
The group that owns Bergdorf Goodman and the e-commerce site My Theresa, plans to convert its debt with its creditors becoming its majority owners. However, the retail group stated that it won’t be conducting mass closures or liquidity sales and the e-commerce site will not be a part of this transaction. The company aims to exit the bankruptcy by the end of the fall.
With the situation getting tensed day-by-day only time could tell who will fall prey to the virus next!
(Source- Business of Fashion)
