Neiman Marcus files for Chapter 11

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-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.


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