US luxury department store chain Neiman Marcus files for bankruptcy

113-year-old company will hand over control to lenders under the agreement that will eliminate US$4 bil of debt. FMTNews NeimanMarcusGroup

HOUSTON: Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the Covid-19 pandemic.

The luxury department store chain follows J Crew Group Inc, which filed for bankruptcy protection on Monday with a plan to hand over control to lenders. “Like most businesses today, we are facing unprecedented disruption caused by the Covid-19 pandemic, which has placed inexorable pressure on our business,” Chief Executive Officer Geoffroy van Raemdonck said.

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