You poor thing.
#WhitePeopleProblem
Posted on 04/19/2020 6:33:11 PM PDT by Hojczyk
Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said.
The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.
Neiman Marcus is in the final stages of negotiating a loan with its creditors totaling hundreds of millions of dollars, which would sustain some of its operations during bankruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.
(Excerpt) Read more at thegatewaypundit.com ...
Most of the retailers declaring bankruptcy where purchased by private equity firms and were loaded up with debt while paying “special dividends.”
Department stores for years have been on the balls of their a##es. They could not compete with amazon and on line ordering. Good time to use this as an excuse to bail
How was NM doing before WuHu ChiCom virus?
“Hey, we’re all out of ‘Bombshells.’”
“Use one of the ‘It Begins’ from the ‘It Begins’ pile.”
There a large,and really nice,mall within a three minute drive of me.It’s a *great* place to walk during bad weather (snow/cold/rain/heat).Neiman Marcus is one of its major stores.I hope that the mall can hang on for a while longer because if it closes forever I’d be forced to walk in difficult weather.
They’ve been on the verge for years. Corona was just the last straw for them.
When will the leftist Colleges start filing dissolution Bankruptcies?
Which type of bankruptcy? Chapter 11, reorganization or Chapter 18, liquidation?
You poor thing.
#WhitePeopleProblem
I can’t believe these large luxury moguls are taking this sitting down ...these stores have been anchors at more upscale malls for years. I realize they were doing badly, but to go completely belly up in less than two months???
Chapter 18 = Chapter 13. Stupid auto-number-correct.
Perhaps the market for $12,000 suits is not that solid.
NM has been on the edge of bankruptcy for a few years, sadly....
Nordstrom next.
Bad time to file either one. People are furious with China. I only bought one thing from Amazon in 2 months and made sure it was made in the US before I bought it.
It did not JUST begin........
“It Begins”
Because no one ever in the history of history ever filed bankruptcy before. Not General Motors, not Sears, not John Connally, not F. Lee Bailey, not Washington Mutual, not Continental Airlines, not Lionel, not Pan Am, not Paramount, not Diamond Reo Trucks, not anybody ever, until now. Now, “it begins!” All hail the blogger!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.