UNITED STATES—The high-end luxury department store Neiman Marcus is planning to file for chapter 11 bankruptcy as early as this week.
The retailer is in talks about bankruptcy as it has struggled to continue business amidst the COVID-19 global crisis.
All 43 stores were shut down during the stay home order, in addition to their Neiman Last Call stores and its two NYC Bergdorf Goodman department stores.
The company is holding onto a nearly $5 billion debt with monthly payments equating to millions of dollars. Nearly all of the retailers employees 14,000 have been furloughed. No details have been announced if Neiman Marcus will be closing any of its stores as a result of filing bankruptcy.