Who is the first major retailer in the US to file for bankruptcy due to coronavirus?


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.

Source: NYT

Published by Bhavesh Kumar

A multi-talented professional with diverse experience spanning across Advanced statistical analysis,Python programming with NumPy, pandas, matplotlib, Seaborn, Tableau, Machine Learning with stats models and scikit-learn, Deep learning with TensorFlow, journalism (digital and broadcast), management consultancy and documentary filmmaking. Worked for the leading international news agencies on feature stories, videography, scripting, programming and editing broadcast news. A creative and analytical mindset focused on executing new-age strategic communication initiatives with all its corresponding elements (clear and coherently written key messages, marketing strategy and predictive analytics) to ensure effective target audience impressions. Also, worked on several primary and secondary market research projects (Market Feasibility Study) for businesses looking for actionable insights.

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