Neiman Marcus has become the first major retailer in the United States to file for bankruptcy due to coronavirus pandemic. It is the first retail chain to go out of business after the fall of Barneys New York, last year.
Other retailers like Lord & Taylor and J.C. Penny are known to be in the same boat as luxury retailer Neiman Marcus. The 43-store strong retail chain has received $675 million from creditors to be able to continue the business and expects to get another $750 million from bankruptcy proceedings. Neiman Marcus plans to pay-off its $4 billion debt from these receivables.