Neiman Marcus, the 112-year-old storied luxury department store chain, has filed for Chapter 11 bankruptcy protection, the first department store chain to be toppled by the coronavirus pandemic. The move, announced Thursday, follows the bankruptcy filing by J.Crew, which became the first major retailer to reorganize during the pandemic. "Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth," said CEO Geoffroy van Raemdonck in a statement. Like other non-essential stores, Neiman Marcus temporarily closed its stores, which number 43 across the U.S., in mid-March. The bankruptcy filing is a big blow to Ares Management and the Canada Pension Plan Investment Board, which bought Neiman Marcus in 2013 for $6 billion.

Source: CBC News May 07, 2020 15:03 UTC