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Neiman Marcus Files for Bankruptcy Amid Pandemic

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Neiman Marcus is feeling the effects of the global health crisis. The fashion retailer, faced with a decline in sales amid the pandemic, has filed for bankruptcy, NBC News reported on Thursday (May 7). “Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” Geoffroy van Raemdonck, chairman and CEO of Neiman Marcus Group, said in a statement.

The company “filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

It has secured $675 million in financing to get it through its reorganization,” according to the report. The company reportedly has nearly $5 billion in debt, “in part due

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