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It Begins: Neiman Marcus to File for Bankruptcy As Early as this Week After Government’s Lockdown Orders
GP ^ | April 19,2020 | Jim Hoft

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 ...


TOPICS: Business/Economy
KEYWORDS: bankruptcy; bloggers; coronavirus; economy; greatdepressionii; neimanmarcus; retail; shutdown
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To: Texas Eagle

Liquidating Chapter 11s are fairly common but I suspect NM will try to reorganize.


41 posted on 04/19/2020 7:32:13 PM PDT by Atticus
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To: ponygirl

Try Mill’s Fleet Farm or Blain’s Farm and Fleet. There are good clothes there. what about Kohl’s Department Stores they have good clothes and lots of discounts.


42 posted on 04/19/2020 7:33:05 PM PDT by hondact200 (Lincoln Freed the Slaves. Obama Enslaves the Free. Trump 2020 - Keep America Great)
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To: CPT Clay

I have full sympathy. The survival of the fittest types on FR don’t realize how the playing field is never fair (Deep State and Congress types like Schumer and Pelosi win—others lose). Owners grab golden parachute money and others go broke. You work your darndest at Oldsmobile and Pontiac and GM allows Buick and Chevrolet to go on through no fault of yours.

I want physical stores to stay open. I hate computers, smart phones and the rest but have to live in this terrible world I hate so much. I love indoor malls, physical books, CDs, DVDs and physical magazines. I don’t want to “shop” by viewing images.

Have any of you ordered a book online and received a staple bound 35 page one, or a tiny one smaller than a rack-size mass market paperback? I have. Pictures look the same as a 5 by 9 inch or 4 by 6 inch book. And how about itchy, poorly fitting clothes? And products that are a piece of junk? Look good in the description on the computers.
Phooey.

I hope you and yours make its through this crisis.


43 posted on 04/19/2020 7:35:14 PM PDT by frank ballenger (End vote harvesting,non-citizen voting & leftist media news censorship or we are finished.)
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To: Hojczyk

Hudson’s Bay Company is the one that would really sadden me, as it’s North America’s oldest company.


44 posted on 04/19/2020 7:36:51 PM PDT by Kriggerel ("All great truths are hard and bitter, but lies... are sweeter than wild honey" (Ragnar Redbeard))
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To: Hojczyk

Rule of thumb for retail bankruptcies. Most companies will come out of the first Chapter 11 smaller but functional. They are much less likely to survive the second trip to bankruptcy court.

If they have their Debtor in Possession funding lined up before they have to file, they should come out the other side of this one. Existing creditors are very likely to get hosed.


45 posted on 04/19/2020 7:42:50 PM PDT by PAR35
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To: Paladin2

‘When will the leftist Colleges start filing dissolution Bankruptcies?’

a long time from now; endowments will pay for a lot of goodies...still, I wouldn’t want to be some newly hired assistant professor right now...


46 posted on 04/19/2020 7:43:23 PM PDT by IrishBrigade
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To: Hojczyk

Neimen Marcus was on a ventilator before the bat in Wuhan was born.


47 posted on 04/19/2020 7:46:57 PM PDT by Ouchthatonehurt
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To: Gahanna Bob; Texas Eagle

The article says it the company is negotiating a loan with its creditors. That suggests it is a Chapter 11. They’re potentially hoping for a “prepackaged Chapter 11” where they already have a plan negotiated with their creditors when they file.


48 posted on 04/19/2020 7:49:14 PM PDT by The Pack Knight
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To: AFreeBird

The brick and mortar stores just can’t compete with Amazon and other online retailers.

BUT I would say that while everything at Neiman Marcus is expensive, the quality of their products far exceeds whats found in most department stores, so if you like high quality, and exceptional service, it’s worth the cost.


49 posted on 04/19/2020 7:50:32 PM PDT by EDINVA
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To: Hojczyk

Funny,pre-COVID problems multiply in COVID era. Humans and business with pre-existing problems.


50 posted on 04/19/2020 7:51:32 PM PDT by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: Kriggerel
Hudson’s Bay Company is the one that would really sadden me, as it’s North America’s oldest company.

The investment bankers got their claws in it more than a decade ago when they used Lord & Taylor to take it over. They dumped the Lord and Taylor stores in the last year or so, but I think they (the investment bankers) still have Saks. I think HBC has been delisted from the Toronto Stock Exchange as the investment bankers consolidated their hold.

51 posted on 04/19/2020 7:51:37 PM PDT by PAR35
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To: Atticus

The article says that NM is close to securing a major loan to help it sustain during the bankruptcy proceedings. So, clearly they are filing Chapter 11, Reorganization and not Chapter 7 liquidation.


52 posted on 04/19/2020 8:17:37 PM PDT by yukong
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To: Hojczyk
No problem, they'[ll just open right up after the country opens.

Right?

53 posted on 04/19/2020 8:38:12 PM PDT by gogeo (It isn't just time to open America up again: It's time to be America again.)
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To: McGavin999
How many people are spending their stimulus check buying “made in China” googahs? Buy American!
 
54 posted on 04/19/2020 8:40:25 PM PDT by Governor Dinwiddie (Guide me, O thou great redeemer, pilgrim through this barren land.)
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To: 2banana

The Mitt Romney game plan. That’s how he made his money. Blood sucker.


55 posted on 04/19/2020 9:19:42 PM PDT by Trumpisourlastchance
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To: CPT Clay

Me too, it’s very sad.

https://www.allmusicals.com/lyrics/mosthappyfellathe/bigd.htm


56 posted on 04/19/2020 9:20:50 PM PDT by boxlunch (Pray for President Trump! Break up the Chicomm/Demomafia/Lying media/Deep State cartel)
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To: Romulus

Class envy? No…

These retailers buy the same things from China that Walmart does. Then they slap a higher price tag on it and sell it to… You!


57 posted on 04/20/2020 2:59:17 AM PDT by Maskot (Put every dem/lib in prison........like yesterday!!!)
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To: Hojczyk
Oh noze! Not Neiman Marcus!

Anyone here ever been in one? If so, am I missing anything for never having walked through their doors?

58 posted on 04/20/2020 4:23:10 AM PDT by trebb (Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
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To: Maskot

Um, no. As one who’s a long time customer of both retailers, I can assure you that you will not find the same merchandize at both stores.

And for the record, one of the things you get for your money at NM is excellent customer service. Some people attach value to that and are glad to pay for it.


59 posted on 04/20/2020 7:02:49 AM PDT by Romulus
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To: Hojczyk

Needless Markup has always been one sale away from bankruptcy.


60 posted on 04/20/2020 7:18:39 AM PDT by CodeToad (Arm Up! They Have!)
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