Neiman Marcus Group has begun its long-anticipated bankruptcy proceedings.
Neiman Marcus Group began its long-anticipated bankruptcy proceedings on Thursday as the coronavirus shutdown sped up the retailer’s cash crunch, which has been building for years.
The filing highlights some of the biggest challenges facing retail during the COVID-19 pandemic. It’s difficult to court potential buyers, or even to make reliable revenue projections, while stores are still closed. And it is difficult to predict when stores can be safely reopened, or when customers would actually feel safe enough to shop.
A bankruptcy process during this type of widespread uncertainty, when it’s not clear what the future of the in-store retail business is, is fairly uncharted territory, experts said.
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