According to CBS NEW YORK! Neiman Marcus has embraced Chapter 11 of the book of Bankruptcy protection as it recorded the first departmental store chain to do so and it was also presumed to be the second major retailer that’s hit by coronavirus pandemic (cvp).
Nieman Marcus is a middle-class luxury chain store that has stood the taste of time since 112 years ago but sunk during this period of coronavirus pandemic, this unexpected news was delivered on Thursday which according to CBS News, followed by the bankruptcy filing by J.Crew on Monday. There were assumptions by experts that there could be plans to reopen businesses in other parts of the country such as Florida and Texas.
It was noted that before the Pandemic Neiman Marcus Group was making solid financial progress that shows long-term profitability and sustainable growth said the CEO of Neiman Marcus Group Mr. Geoffroy Van Raemdonck. This is evident the great havoc COVID-19 pandemic has caused so many American businesses from small to middle, to large businesses, Neiman Marcus has drowned among many other businesses that have fallen off the radar or currently struggling to hold on.
Neiman Marcus is a Dallas based company that operates a total of 43 stores, but the spokeswoman for the company has confirmed no mass closing is considered but looking forward to emerge from Bankruptcy by the upcoming fall.