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 ...
Liquidating Chapter 11s are fairly common but I suspect NM will try to reorganize.
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.
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.
Hudson’s Bay Company is the one that would really sadden me, as it’s North America’s oldest company.
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.
‘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...
Neimen Marcus was on a ventilator before the bat in Wuhan was born.
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.
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.
Funny,pre-COVID problems multiply in COVID era. Humans and business with pre-existing problems.
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.
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.
Right?
The Mitt Romney game plan. That’s how he made his money. Blood sucker.
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!
Anyone here ever been in one? If so, am I missing anything for never having walked through their doors?
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.
Needless Markup has always been one sale away from bankruptcy.
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