Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.
“Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” Chief Executive Officer Geoffroy van Raemdonck said.
Founded in 1907 when the Marcus and Neiman families opened their first store in Dallas, the retailer expanded across the United States to become a fashion mainstay for celebrities and other wealthy customers seeking expensive handbags, clothing and the like. Like other brick-and-mortar department store operators, Neiman Marcus struggled in recent years to compete with discount retail chains and a consumer shift to online shopping. Luxury e-commerce firms such as Yoox Net-A-Porter Group and Farfetch Ltd added to its competition.
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