Dallas luxury hypermarket chain Neiman Marcus to file for bankruptcy this week

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Dallas luxury hypermarket chain Neiman Marcus to file for bankruptcy this week

Neiman Marcus Group Inc., the Dallas, Texas-based American chain of luxury hypermarket stores, had been making preparations for a Chapter 11 Bankruptcy filing as early as this week, marking up the first major financial fallout in the United States’ hypermarket chain industry, at least five people familiar with the subject-matter had unveiled late on Sunday, the 19th of February 2020, on condition of anonymity as the sources were not authorized to speak about the issue on public.

As a matter of fact, latest report on a likely bankruptcy of the debt-ridden Neiman Marcus came forth days after a US industry body was quoted saying that a majority of large-scale departmental store chains could face off potential bankruptcies, if the pandemic-driven forced lockdown measures were stretched up to mid-May.

On top of that, followed by the release of Sunday’s (April 19th) report, a slew of Wall St. analysts were quoted saying that the Dallas-based luxury hypermarket chain operator had little option left, as the Pandemic had forced the company to shut down all of its stores in 43 locations across the United States.

Nonetheless, one of the sources also added that the debt-strapped Neiman Marcus, which had already furloughed nearly 14,000 of its employees, had been in advanced staged talks with a number of creditors to secure tens of millions of dollars in debts, which might just buy the American luxury store chain some times to sustain operations during the bankruptcy proceedings.