Neiman Marcus is reportedly ready to file for bankruptcy after the coronavirus crisis forced the American retailer to temporarily shut down dozens of its stores for the past month.
The bankruptcy could happen as soon as this week, people familiar with the situation told Reuters.
In March, the Dallas-based retailer temporarily closed 43 Neiman Marcus stores, along with its Last Call and Bergdorf Goodman locations, due to concerns surrounding COVID-19.
Neiman Marcus is carrying nearly $5 billion in debt, and the company’s monthly debt payments are in the millions. The retailer refrained from making some payments last week, Reuters reports. Among the payments skipped was one that gave it a few days to avoid default.
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