Neiman Marcus declared bankruptcy on Thursday, making it the largest U.S. retailer to collapse since the coronavirus outbreak devastated the U.S. economy.
In a statement, CEO Geoffroy van Raemdonck said the company and other retailers are “facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
“The binding agreement from our creditors gives us additional liquidity to operate the business during the pandemic and the financial flexibility to accelerate our transformation,” he added. “We will emerge a far stronger company.
Preppy clothes maker J. Crew filed for bankruptcy protection last week.
This is a developing story.
