The chain will not liquidate, but expects to arise from a restructuring later this year. 

Chairman and chief government Geoffroy van Raemdonck claimed prior to the Covid-19 outbreak the group “was creating stable development on our journey to very long-time period financially rewarding and sustainable expansion.” 

He additional: “However, like most firms right now, we are experiencing unprecedented disruption induced by the Covid-19 pandemic, which has put inexorable stress on our business.”

The retailer has secured $675m in financing from collectors as section of a fiscal restructuring arrangement. It has also secured a further $750m it hopes will finance its exit from personal bankruptcy proceedings by “early drop.”

The collectors will become greater part house owners of the corporation.

Neiman Marcus expects to do away with $4bn of debt.

The business has furloughed, or briefly decreased the salaries of, a “large proportion of associates” till at the very least 31 May well. 

It has claimed it will continue to assess retail store closure selections and will reopen retailers as it is safe to do so.