Neiman Marcus Will File For Bankruptcy

UNITED STATES- Popular luxury department store Neiman Marcus plans to file for bankruptcy as early as this week.

The popular retailer is in talks about bankruptcy as it has become difficult to continue business amidst the COVID-19 global crisis. All 43 stores shut down during the stay home order, in addition to their Last Call stores and 2 NYC Bergdorf Goodman department stores. The company is holding onto a nearly $5 billion debt with monthly payments equating to millions of dollars. Nearly all of the retailers employees (14,000) have been furloughed.

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