Posted on 04/19/2020 6:33:11 PM PDT by Hojczyk
Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.
The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.
Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.
(Excerpt) Read more at thegatewaypundit.com ...
Shut your mouth!
See #20
Don’t underestimate the row of dominoes this will topple.
Mmmmmaybe they’ve found out their fall and winter lines aren’t being made right now...
What kind of retailer has nothing to retail?
I thought Chapter 7 was dissolution?
Most retailers.
Unless they start shipping stuff from China again.
Even stuff not ‘made in china’ generally uses pieces parts from china.
Fabric, zippers, buttons, thread, electronic widgets, control panels, you name it. If your assembly needs those from China? You’re toast.
I wonder how far Penny’s is behind.
They can’t be too far from bankruptcy.
The store, as well as Macy’s and JCPenney not too far behind, have been fighting off bankruptcy for a very long time. Now they have an excuse to close their doors. Of course it’s because of the economic downturn and not because they’re shitty And have been for a very very long time
I was thinking Macy’s. I my area it has been Macy’s closing stores left and right over the least few years.
I forget the exact details but I know Chapter 11 allows you to reorganize your debts and continue operations. Chapter 7 and Chapter 13 means you are going out of business.
I think Chapter 13 is for individuals. Chapter 7 is for corporations in a liquidation plan. Chapter 11 is for a reorganization plan. My guess is Chapter 7 is in order for NM but I don’t know much about them except they carry expensive stuff.
Society dressing casually has removed a big reason for department stores. Neiman Marcus’ nickname is “Needless Markup”.
Golly Gee I wonder why this retailer is is going down the tubes, their merchandise and prices are just so.........bloviated! Look at the deals they had last Christmas.
https://www.neimanmarcus.com/c/gifts-christmas-book-cat75250765
Needless Markups was doing terrible for years, just like Sears and Penneys and Toys R Us and Kmart.
I’ve always been a satisfied customer. I’m sorry to see Neiman’s in difficulties. The class envy at FR is truly disgusting.
Virtually all of the menswear sales people are flaming homosexuals
The class envy at FR is truly disgusting.
Yes, my wife works for Neimans. They have not told us anything. 75% of Company has been furloughed. CEO working for free.
I am also a Neiman’s, Nordstrom and Saks shopper. It’s really going to suck when Walmart is the only place to buy clothing. All hail the spandex stretchy pants!
No Surprise that Outrageous Markup is having problems.
When they have to earn their way through supplying value for money like the rest of us. Competing fairly against others. They don't.
They cry and their mommies, the Dems and the Government, rush to dry their tears and stuff money into their pockets. There, there, stop crying, it's not really that bad. Here's a taxpayer bailout. go back to denouncing America as a white supremacist racist climate destroyer. You'll feel better.
Harvard and others got millions of our dollars in the virus bailout. They have a fortune in endowments held and profits except for the past few weeks. No bankruptcy worries for them.
Bloviated Prices $650.00 for sneakers. No wonder Bankruptcy
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