Neiman Marcus files for bankruptcy on Thursday, the second major retailer this week, as the industry buckles under widespread store closures.
of $31.2 million in July, compared with a net loss of $19.9 million the previous year.
Market conditions have been brutal for the retail industry over the last several weeks. Like other retailers, Neiman Marcus stores have been closed since mid-March as state governors issued stay-at-home orders to stem infections. The company furloughed almost all of its 14,000 employees March 30. Stores will be closed through May 31, the company said.The company expects to emerge from bankruptcy in early fall.
"We will emerge a far stronger company," van Raemdonck said."In a world that is changing, we are uniquely positioned to give our brand partners access to our loyal luxury customers like no other company."
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