Neiman Marcus to file for bankruptcy: Reuters

Dallas-based department store owner Neiman Marcus, which is backed by Ares Management Corp and Canada Pension Plan Investment Board, could file for bankruptcy as soon as this week, reported Reuters.

Dallas-based department store owner Neiman Marcus, which is backed by Ares Management Corp and Canada Pension Plan Investment Board, could file for bankruptcy as soon as this week, reported Reuters. The news outlet noted that this would make Neiman Marcus “the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak.” Currently, Neiman Marcus has reportedly furloughed many of its 14,000 employees and is in the final stages of working out a loan with creditors totaling “hundreds of millions of dollars.”