Neiman Marcus becomes 2nd major retailer to seek Chapter 11
Last updated 5/7/2020 at 12:29pm
AP Retail Writer
NEW YORK (AP) — Neiman Marcus has filed for Chapter 11 bankruptcy protection, the first department store chain and second major retailer to be toppled by the coronavirus pandemic.
The move by the 112-year-old storied luxury department store chain was announced Thursday and follows the bankruptcy filing by J.Crew on Monday. Experts believe there will be more to come even as businesses start to reopen in parts of the country like Texas and Florida.
"Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and...