Neiman Marcus files for chapter 11 bankruptcy protection, squeezed by debt from a takeover and stores closed by coronavirus
A Texas oil boom turned a single Neiman Marcus department store in downtown Dallas into one of America’s biggest luxury retailers. A century later, the new coronavirus tipped the heavily indebted company into a bankruptcy court.
Neiman Marcus Group Inc. filed for chapter 11 bankruptcy protection on Thursday in Texas, becoming the latest large retailer to seek a court restructuring during the pandemic that has closed much of the U.S. economy. Earlier this week, J.Crew Group Inc. filed for bankruptcy.
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Luxury retailer Neiman Marcus files for bankruptcy as it struggles with debt and coronavirus falloutNeiman Marcus' borrowings total about $4.8 billion, some of which remains from a $6 billion leveraged buyout in 2013 by its owners, private-equity firm Ares Management Corp and Canada Pension Plan Investment Board.
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Luxury retailer Neiman Marcus files for bankruptcy as it struggles with debt and coronavirus falloutNeiman Marcus' borrowings total about $4.8 billion, some of which remains from a $6 billion leveraged buyout in 2013 by its owners, private-equity firm Ares Management Corp and Canada Pension Plan Investment Board.
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