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Fashion News: Neiman Marcus to File for Bankruptcy This Week, as Soon as Today.

Neiman Marcus is planning to file for chapter 11 protection this week as soon as today, according to sources close to the matter due to the Covid-19 pandemic. After being forced to temporarily close all 43 stores as well as it’s 12 Last Call locations, and two Bergdolf  Goodman stores.

20200421_181150The already debt laden company owes about 4.8 billion, some of it from the 6 billion buyout back in 2013 by Ares Management.

Having failed to make interest payments last week, the money troubled seems to have no choice but to file for bankruptcy.

 

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