Luxury Department Store Chain Neiman Marcus Files for Bankruptcy
Neiman Marcus declared bankruptcy on Thursday, making it the largest U.S. retailer to collapse since theoutbreak devastated the . The high-end department store chain had nearly $5 billion in annual sales, according to its most recent public financial statement.
The department store chain it has entered into an agreement with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond.
“Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth,” Geoffroy van Raemdonck, Chairman and Chief Executive Officer of Neiman Marcus Group said. “However, like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”