NEW YORK: Neiman Marcus has filed for Chapter 11 bankruptcy protection, the first department store chain to do so and the second major retailer to be toppled by the coronavirus pandemic. “Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth,” said Neiman Marcus Group CEO Geoffroy van Raemdonck in a statement. Like other non-essential retailers, Neiman Marcus temporarily closed its stores in mid-March. “Department stores have been struggling for a long time,” said Craig Johnson, president of Customer Growth Partners, a retail consultancy. Macy’s, the nation’s largest department store, confirmed it was looking to raise debt to add more liquidity to its balance sheet.

Source: Manila Times May 07, 2020 16:41 UTC