Neiman Marcus Files For Bankruptcy As Coronavirus Accelerates Retail Apocalypse

(CBS Local) — Neiman Marcus has become the first American department store to file for bankruptcy protection during the coronavirus pandemic.
The Dallas-based luxury retailer filed for Chapter 11 restructuring in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday. It plans to cede control to creditors in exchange for eliminating $4 billion of debt.
CEO Geoffroy van Raemdonck says the company was not liquidating and would come out of bankruptcy “a stronger compan