Dallas store chain Neiman Marcus receives bankruptcy court approval to access funds


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Dallas store chain Neiman Marcus receives bankruptcy court approval to access funds

Late on Friday, the 8th of May 2020, the Dallas, Texas-based American luxury departmental store chain, Neiman Marcus Group Inc. employing more than 14,300 workers across the US, said in a statement that the store chain had accrued bankruptcy court approval to access a stark total of $675 million in so-called debtor-in-possession financing that would enable the company to remain operational during its Chapter 11 bankruptcy proceeding, which the Dallas-based 112-year-old retailer had filed on last Thursday (May 7th), becoming the first major US departmental store group to file for bankruptcy protection due to the pandemic's financial fallouts and marking up an inexplicable downturn that could groom dark clouds over other mega-chains such as Lord & Taylor alongside JC Penney.

Besides, as beforemtioned, having grievously hurt by the pandemic-led forced closure, the Texas luxury retailer had filed for a Chapter 11 Bankruptcy protection in a Bankruptcy court in the Southern District of Texas, Houston Division on Thursday (May 7th), while the first day court movement had allowed the luxury store chain to access the intended sum.

Besides, Neiman Marcus had told on Thursday (May 7th) that it had reached an accord with its creditors over the $675 million debtor-in-possession funding that would enable the company to pay off its employees and vendors during the bankruptcy proceeding.