Once a staple in the retail sector, Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, people familiar with the matter told Reuters. It would become the first major U.S. department store operator to do so during the economic fallout of the novel COVID-19 coronavirus pandemic.
The Dallas-based company has been forced to temporarily shutter all 43 of its Neiman Marcus locations, two dozen Last Call stores, and its two Bergdorf Goodman stores in New York. Many of its 14,000 employees have been furloughed, and the company reportedly skipped millions of dollars in debt payments last week, though it's currently negotiating a loan with its creditors that would keep some of its operations afloat during the bankruptcy proceedings.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
'Natural disasters don't happen only in the movies'Instant Opinion Opinion, comment and editorials of the day
-
Trump vs. the arts: Fresh strikes against PBS and the NEAFeature Trump wants to cut funding for public broadcasting and the arts, which would save a little but cost a lot for red states
-
MLB lifts ban on Pete Rose, other dead playersspeed read 16 deceased players banned for gambling and other scandals can now be inducted into the Baseball Hall of Fame
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
