The pandemic created even more of an issue for already declining traditional retailers like Neiman Marcus & J. Crew and Aldo Group Inc. Over the week, all 3 major retailers filed for Chapter 11 Bankruptcy in hopes of saving their companies.
Luxury retailer, Neiman Marcus, has now secured $675 million credit for current debts and a $750 million exit financing to help sustain the company. So hold on to your wallets, because if you thought a HUGE sale was on the horizon, think again. The brand has no intention of closing in the near future and will not be holding any close-out sales for you shopaholics out there waiting to snag that designer bag/shoes you’ve been watching for weeks now.
In fact, the plan is to close most of their discount stores, Last-Call, to focus on full-priced selling instead. While most of their Neiman Marcus storefronts are currently close, they plan to begin opening stores slowly based on proper safety precautions.
The plan is, file for bankruptcy now and come out of the pandemic stronger than ever.
Do you think they can survive?