Neiman Marcus files for Chapter 11

www.wsj.com/articles/neiman-marcus-the-retailer-to-the-rich-stumbles-into-bankruptcy-11588860617?shareToken=st0c3b5fd320da42bfa2097c4e9e3d23e2, Sorry about the paywall

-Neiman Marcus, the Retailer to the Rich, Stumbles Into Bankruptcy -Squeezed by debt and closed stores, luxury retailer files for chapter 11 during coronavirus pandemic

The bankruptcy filing, in the Southern District of Texas, Houston Division, seeks to eliminate $4 billion of roughly $5.1 billion in debt. The creditors will become majority owners of the retailer, which has been controlled by private-equity firms. Neiman isn’t planning mass store closings or asset sales as part of the restructuring.