Neiman Marcus Department Stores Have Declared Bankruptcy

An American company specializing in luxury goods could not survive the crisis that came due to the coronavirus pandemic.

At the end of March, Neiman Marcus closed all of its 43 stores, as well as two subsidiary Bergdorf Goodman stores and Last Call outlets, thus virtually ceasing sales of the company's products and services. According to The New York Times, the department store chain could have survived the temporary lull if it hadn't been for other debt problems that had accumulated over the years and put it at risk before the pandemic. Nevertheless, experts estimate that neither Neiman Marcus nor Bergdorf Goodman will disappear completely: the retailer will use the bankruptcy to "give up part of its leasing and reduce its physical footprint," the report says.

Neiman Marcus was founded in 1907. As of 2017, Neiman Marcus chain employed 14,300 people. Describing the department store, former editor-in-chief of Vogue Edna Wolman Chase said: "I've spent my whole life dreaming about the perfect store for women, but it was a dream. Then I saw Neiman Marcus, and my dream came true." 

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