Neiman Marcus is reportedly preparing to file for bankruptcy due to COVID-19.
So far, 43 stores have shut down, including their Last Call stores and 2 Bergdorf Goodman department stores in NYC. With nearly $5 billion dollars in debt, the company can’t afford to pay millions of dollars a month. According to Reuters, they could be days away from filing.
Almost all of their 14,000 employees have been furloughed. It’s undetermined what protection Neiman’s is seeking from the bankruptcy court.
With the economy, the way it is, more companies may follow this trend.