Coronavirus will go one day, it will leave us alone but unfortunately, it’ll take away with it many heritage retailers. The clouds have been looming over chains like Lord & Taylor and J.C. Penney and John Varvatos. Even Barneys New York has taken a fall late last year and now we have Neiman Marcus down for the count. the largest American retailer has begun bankruptcy proceedings since the coronavirus has got the world economy on its knees. Fans should know that the brands will not be shuttering, this is not a liquidation of the business and they have pledged to return. Neiman Marcus is already grappling with $5 billion in debt, of which they owe $6 million to Chanel, $3.2 million to Gucci’s USA operation, and $2.3 million to Christian Louboutin among many others. Sadly, there is no date in sight for the coronavirus outbreaks effect to end which is why Nordstrom, Saks Fifth Avenue, etc have also shuttered many retail stores and laid off staff in hundreds.
Neiman Marcus stores will remain closed through at least May 31 after which doors of 10 stores will open with a curbside pickup in areas with relaxed restrictions. Stores in areas like Atlanta and North Park, Dallas, will entertain customers with prior appointments. For now, the company entered Chapter 11 restructuring proceedings in the U.S. Bankruptcy Court for the Southern District of Texas as Covid-19 temporarily forced the closing of all 43 Neiman Marcus stores across the country. Neiman Marcus was founded in Dallas in 1907 and has been serving the world of fashion and women for over 100 years.
[Via: NY Times]