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.

Categories: Business