Neiman Marcus is feeling the economic impact of the pandemic!
Several news sources report the luxury retailer is preparing to file for bankruptcy. This is the first major department store to take this action since the outbreak of COVID-19.
Reuters reports that the company was left with a few options. 43 of its Neiman Marcus locations were forced to shut down.
“Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.”
Other department stores like Macy’s and Nordstrom are figuring out their best move. JC Penny is considering following in the same footsteps as Neiman Marcus.