@neimanmarcus
The American luxury department store has officially filed for Chapter 11 Bankruptcy. Neiman Marcus was founded all the way back in 1907 and has a rich history in the fashion industry. Due to the COVID-19 pandemic, Neiman Marcus was not able to overcome the financial impact and had to file for bankruptcy.
Geoffroy van Raemdonck (chairman and CEO) said of the bankruptcy, “Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,…we will emerge a far stronger company. In a world that is changing, we are uniquely positioned to give our brand partners access to our loyal luxury customers like no other company.”
The company plans to come out of bankruptcy by fall 2020.
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