Neiman Marcus Files For Bankruptcy
NEIMAN MARCUS FILES FOR BANKRUPTCY
(CNN) – Retail giant Neiman Marcus filed for bankruptcy on Thursday as the coronavirus pandemic continues to batter the industry.
The company released a statement saying it entered into a restructuring agreement with creditors.
They did not announce any store closings.
The 113-year-old company also operates the Bergdorf Goodman and Last Call chains.
Neiman had 69 stores among the three brands as of last year.
A bankruptcy filing doesn’t necessarily mean a company will go out of business.
Many companies use bankruptcy to shed debt and other liabilities they can’t afford while closing unprofitable operations and locations.