NEW YORK (AP) – Neiman Marcus, the 112-year-old storied luxury department store chain, is seeking Chapter 11 bankruptcy protection.
It is the first department store chain to do so and the second major retailer to be toppled by the coronavirus pandemic.
As part of the bankruptcy filing, Neiman Marcus says it has secured $675 million in financing from creditors to keep operating during the restructuring.
The Dallas-based company operates 43 stores and expects to emerge from bankruptcy by this coming fall.
A company spokeswoman said no mass closings are planned. The filing comes as department stores were already in a weakened state.
Now the coronavirus pandemic is putting them further in peril.
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