Neiman Marcus is on its way to filing for bankruptcy.
The Neiman Marcus Group is just one of many major retailers being severely impacted by the coronavirus pandemic, with sources indicating the 113-year-old retailer is on its way to filing for bankruptcy.
Here, WWD breaks down the specifics of Neiman Marcus’ potential bankruptcy, including the factors that are contributing to the filing and prospective buyers.Are the Neiman Marcus stores closing? Neiman Marcus Group has long-term debt of $4 billion and is paying roughly $300 million in annual interest expense, which is dragging down profitability and resulting in losses.
The bankruptcy filing halts all creditor enforcement actions against it, meaning landlords cannot evict them from their stores and mortgage lenders cannot enact foreclosure. Creditors also cannot seize the retailer’s collateral or goods.
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