Neiman Marcus is reportedly considering bankruptcy as the luxury retailer wrestles with massive debts and coronavirus-related store closures.
The Dallas-based company is in discussions with lenders about filing for bankruptcy, which could allow it to keep operating and reduce its debts while it works to cut costs, Bloomberg News reported Monday.
Neiman Marcus has not made formal decisions about whether to declare bankruptcy as a $4.3 billion debt load weighs on the company, according to the news service. The plans could reportedly change depending on factors such as the coronavirus pandemic, which has slammed the retail industry by forcing millions of consumers to hunker down at home.
Neiman Marcus, which runs Bergdorf Goodman, Last Call and Horchow stores as well as its own namesake shops, did not immediately respond to a request for comment Tuesday morning.
Neiman Marcus joined other large retailers in temporarily closing its stores last week as the coronavirus spread across the US and Europe. The company is expecting business to suffer because of the closures even though it is continuing online sales amid the global pandemic, Bloomberg reported.
The retailer’s debts reportedly exploded thanks in part to its 2013 sale to Ares Management and the Canada Pension Plan Investment Board. Neiman Marcus made a restructuring deal with creditors last year that gave the company more time to turn itself around, according to Bloomberg.
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