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Posted: 2020-05-07 20:04:18

Neiman Marcus becomes 2nd major retailer to seek Chapter 11

From Alexa Mae Asperin at KRON4
Neiman Marcus has filed for Chapter 11 bankruptcy protection, the first department store chain to do so and the second major retailer to be toppled by the coronavirus pandemic.
U.S. retail sales went through an unprecedented collapse in March, plummeting 8.7% as the viral outbreak forced an almost complete lockdown of businesses nationwide, according to the Commerce Department’s report. The deterioration of sales far outpaced the previous record decline of 3.9% that took place during the depths of the Great Recession in November 2008.
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