Neiman Marcus, hard-hit by pandemic, files for bankruptcy

David Caplan
May 07, 2020 - 10:30 am
Neiman Marcus

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NEW YORK (1010 WINS) -- Luxury department store chain Neiman Marcus -- which has accrued tremendous debt and has been hard-hit by the coronavirus pandemic -- has filed bankruptcy, CNBC reported Thursday morning

It has filed for Chapter 11 bankruptcy protection.

There had been reports for days that the Dallas-based retailer was on the verge of declaring bankruptcy.

It has already furloughed most of its 14,000 employees and closed its 43 Neiman Marcus stores.

There are Neiman Marcus stores at Hudson Yards in Manhattan, as well as Short Hills and Paramus in New Jersey, White Plains in Westchester County and Roosevelt Field on Long Island.

According to CNBC, the bankruptcy filing will hopefully help Neiman Marcus flush out $4 billion in debt it has.

The retailer said it has secured $675 million in financing from its creditors to fund operations through bankruptcy.

Neiman Marcus' filing comes just days after another retailer, J. Crew, filed for bankruptcy.