Posted on 05/07/2020 2:47:44 PM PDT by C19fan
Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic. Neiman Marcus, which filed for bankruptcy in a Houston federal court, said it reached agreement with creditors for $675 million of debtor-in-possession financing to aid operations while it attempts to reorganize. The CEO said they will continue to operate via digital platforms and via relationships with brand partners as well as at select physical locations as states reopen after lockdowns. The luxury department store chain follows J. Crew Group Inc, which filed for bankruptcy protection on Monday with a plan to hand over control to lenders.
(Excerpt) Read more at dailymail.co.uk ...
Looks like they’re filing 11, not 7.
NM isn’t cooked yet.
No, but this trend will tank the stock market
The stock market will crash...hugely, at some point, soon. It’s a shame - self-sabotage.
[The stock market will crash...hugely, at some point, soon.]
Democrats will cheer. Initially.
Yes, the people stupid enough to believe in Gaffe-master Joe Biden and Crooked Hillary.
Just like some of the Dem states they were hurting before the virus. The shutdown was the final nail in their coffin. NY,NJ, MA.CA. please copy.
I didn’t know Neiman Marcus was still around at all.
**FunFact: Singer Grace Slick worked as a model for retail store I. Magnin from about 1961 to 1964.
Agreed. Economic suffering and hardship for millions means nothing for democrats if they can win in November.
They ain’t done yet
They will consolidate stores and make it exclusive again.
They have too many stores, as does Brown Bag, Cartier, Mont Blanc, Brooks Brothers, Hermes, Tiffany’s and more.....
Well, Eff Tiffany’s. I walked into Tiffany’s so many times and couldn’t get help.
I frequently walked out and end up at Fortunoff, Cartier, Tourneau and others
That’s their short-term goal.
Then, when everything goes to Hell-in-a-handbasket, they’ll claim it was President Trump’s fault.
They are absolutely the most self-destructive, politically, that I’ve ever seen.
Which is why they cheer on Barack and Sodom and Gomorrah. These are deceived minds that cannot be corrected by logic and reason.
At the risk of Godwin’s Law, they act like true believers in the little corporal. Most of them still have a fanatical devotion to Barack who lied right to their faces, multiple times.
A few, precious few, fortunately, have left this after watching the Democrats try to destroy everything.
In case you are unaware, most everyone is predicting anywhere from 20 to 40% of small businesses not reopening and up to 50% of all restaurants not reopening. I know you think it is all their fault as you callously point out.
We will be digging out of this mess for years. Once housing collapses, all bets are off. Will you blame the homeowners?
Agree with everything you wrote.
We used to call them “Needless Markup”
I. Magnin...there’s a name I haven’t thought of in decades.
Col G O Atkinsson was the Commander of the 3d Brigade, 82d Airborne Division in 1970. I was the Assistant Adjutant. I was detailed to deliver his mail to him whenever the Neiman Marcus bill arrived. His estranged wife was spending every dime he had as fast as she could and he was never happy when the bill showed up.
Thank you.
I’ve watched them for years at Yahoo. They are not rational. Not at all. But they think they are.
Most of them are cheering Anderson Cooper’s “baby”. Nothing but twisted logic and perversion. Their minds are totally gone. It’s scary to behold people like that.
They’ll try to break down the door just like in Genesis 19.
Were you wearing your black tie and tuxedo?
People out here still call it Needless Markup-I doubt that any of my neighbors have been near the place for years-last time I was, I was visiting a cousin who lived outside Dallas-that was 20 years ago...
Best way to get help at stuffy stores. Act like you’re up to something bad like shoplifting. They’ll help you out at once just to get you out of there.
No, they should survive their first filing. It’s usually the second bankruptcy that shuts retailers down. They’ll probably close some marginal stores, and end up paying lawyers, consultants, and investment bankers more than they end up saving from operational cuts.
Speaking of “Investment Bankers” you can usually find one who got its claws in a company a few years before bankruptcy. Looks like it was Ares Captial in 2013 for Niemans. Things usually go more quickly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.