Neiman Marcus, one of the largest retailers of its kind in America, has hit the mat and can't get up in the wake of the coronavirus pandemic, and the chain is reportedly ready to file for bankruptcy.
Neiman's 43 stores all shut down during the self-quarantine, along with its Last Call stores and its 2, NYC Bergdorf Goodman department stores. The Dallas-based company is carrying nearly $5 billion in debt, and the payments alone are millions of dollars a month ... bottom line -- they just can't pay the bill ... this according to Reuters, which says the bankruptcy filing could only be days away.
It's not really hard to understand. Retailers who support brick-and-mortar stores need customers to come in and buy things, and there are none. That's why other big chains, such as J.C. Penney, Macy's and Nordstrom are all on the financial ropes.It's unclear what kind of protection Neiman's would be seeking in bankruptcy court, but these are clearly tough times.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
An Early '00s 'Batman' Movie Didn't Happen Because The Director Wanted Joaquin Phoenix, And The Studio Wanted Freddie Prinze Jr.File this under: Wow, movies that could have been.
Read more »
WGA Files Opposition To Big 3 Agencies’ Motion To Stay Document Discovery In Ongoing Antitrust SuitsThe WGA today filed its opposition to the Big 3 talent agency’s motion to temporarily stay the discovering of certain documents sought by the guild, telling a federal judge that such a stay would “…
Read more »
Half Of Young People Say They've Lost Work As A Result Of The Coronavirus CrisisThey're also not confident they'll be able to pay for health care for the next six months, a new YouGov/MTV News poll found
Read more »
Filing for unemployment as a gig or self-employed worker? It's complicatedGig workers, independent contractors and the self-employed have a more roundabout process to file for unemployment benefits than traditional salaried workers, experts say.
Read more »
Airlines brace for climate strings attached to coronavirus bailoutsAirlines bludgeoned by the coronavirus crisis are seeking urgent assistance to stave off bankruptcy, but that doesn't mean they're going to get an easy ride on efforts to slash emissions
Read more »
They Filed for Unemployment Last Month. They Haven't Seen a Dime.Gov. Andrew Cuomo has repeatedly promised to fix New York&39;s archaic unemployment-insurance system, which has been overwhelmed by an unprecedented wave of claims.The state has teamed up with Google to overhaul the online application, added thousands of workers at call centers while expanded call-volume
Read more »