The Neiman Marcus Group is just one of quite a few key vendors currently being severely impacted by the coronavirus pandemic, signing up for the escalating listing of manufacturers submitting for personal bankruptcy.
Prior to the outbreak, there was speculation that the company, which is powering Neiman Marcus, Bergdorf Goodman, Mytheresa, Horchow and Final Contact, was the future retailer to file for personal bankruptcy simply because of its $four billion in prolonged-time period personal debt. The COVID-19 pandemic has developed an further battle for the retailer, as its suppliers have been closed since March.
The 113-year-outdated retailer follows several other fashion manufacturers that have succumbed to the pressures of the pandemic and submitted for personal bankruptcy in excess of the very last number of months, which includes J.C. Penney, J. Crew, Centric Models and True Religion, among others.
Right here, WWD breaks down the specifics of Neiman Marcus’ personal bankruptcy,