NEW YORK (AP) – Neiman Marcus, the 112-year-old storied luxury department store chain, is seeking Chapter 11 bankruptcy protection. It is the second major retailer to do so and the first department store to be toppled by the coronavirus pandemic.
As part of the bankruptcy filing, Neiman Marcus says it has secured $675 million in financing from creditors to keep operating during the restructuring, holding over two-thirds of the company’s debt.
The filing comes as department stores were already in a weakened state. Now, the coronavirus pandemic is putting them further in peril.