Neiman Marcus declares Chapter 11 bankruptcy

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Neiman Marcus declared bankruptcy on Thursday, making it the largest US retailer to collapse since the coronavirus epidemic has devastated the American economy. The high-end department store chain made nearly $ 5 billion in annual sales, according to its latest public financial statement.

CEO Geoffroy Van Raemdonck said the company and other retailers are “facing an unprecedented disruption caused by the COVID-19 pandemic, which has put inexorable pressure on our business,” said a statement.

Neiman Marcus has said he plans to exit bankruptcy by fall. “The binding agreement of our creditors gives us additional cash to run the business during the pandemic and financial flexibility to accelerate our transformation,” added the CEO. “We will become a much stronger company. “

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