Luxury Retailer Neiman Marcus Files For Bankruptcy, Major Companies Falling Amid COVID-19 Pandemic

Neiman Marcus, the luxury department store chain, saddled with debt and hit by the coronavirus pandemic filed for bankruptcy on May 7. They filed for bankruptcy with a deal to hand its business over to its creditors. The luxury retailer had been struggling with competition from online rivals & declining cash much before the COVID-19 outbreak. The health crises just added to its problems, forcing it to furlough most of its 14,000 workers and close its 43 Neiman Marcus stores. “Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” CEO Geoffroy van Raemdonck said in a statement. Neiman Marcus is now the second major retailer to file for bankruptcy following clothing apparel company J.Crew which filed for bankruptcy on May 4.

(The above story first appeared on LatestLY on May 08, 2020 04:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).