Luxury Dallas-Based Retailer Neiman Marcus Files for Bankruptcy

[TexasTowelie]

This discussion thread was locked as off-topic by Omaha Steve (a host of the Latest Breaking News forum).

Source: NBC - DFW

Dallas-based luxury retailer Neiman Marcus filed for Chapter 11 bankruptcy Thursday morning and said most retail stores will remain closed through the end of the month.

The company, which was struggling financially prior to the pandemic, has only been in a worse spot since the emergence of COVID-19 when they were forced to close all 43 stores on March 18.

“Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” said CEO Geoffroy van Raemdonck in a statement on the company's website.

A bondholder said the retailer failed to make a $5.7 million interest payment that was due in April, according to a report by the Dallas Morning News, possibly setting the stage for the filing.

Read more: https://www.nbcdfw.com/news/business/luxury-dallas-based-retailer-neiman-marcus-files-for-bankruptcy/2365243/?_osource=SocialFlowFB_DFWBrand&fbclid=IwAR2YUVbw7LBhqP0Rj6-21I86l6LD78bTJcqKB1sGK9MjLnsr1RJY3pncXBI

[jimfields33]

1. I'm surprised they only have 43 stores

For some reason I thought they had hundreds at least. Sad but this is a trickle in the dam. A burst is going to happen.

[captain jack]

2. The US has become more Dollar General anyway, in price, quality, and architecture. n/t

[Sogo]

3. I worked at Neiman-Marcus for a short while

after grad school and before getting a job in my field.

We called it "Needless Markup."

[ffr]

4. Duplicate LBN

From 7:31 AM

https://www.democraticunderground.com/10142488462

Don't feel bad though. I did the same thing earlier today. The title of the other post was just different enough that I missed it.

[LisaM]

5. I don't want to live in a world of online shopping.

Things were already horrible, now they are going to be worse.

I mean, I suppose there's a chance that people will value human encounter and retail stores more when we emerge from all this, but I doubt it.

[Omaha Steve]

6. After a review by forum hosts....LOCKING

Dupe. See the earlier post here: https://www.democraticunderground.com/10142488462

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