Neiman Marcus to file for BANKRUPTCY
after furloughing nearly 14,000 employees
and skipping interest payments worth
millions– becoming the first major US
department store to shutter amid the
coronavirus pandemic
Daily Mail (UK),
by
Lauren Edmonds
&
Lauren Fruen
Original Article
Posted By: earlybird,
4/19/2020 4:41:14 PM
Neiman Marcus Group, one of the largest retailers in the United States, is reportedly ready to file bankruptcy amid the COVD-19 pandemic after defaulting millions in bond payments last week and furloughing 14,000 employees.
Neiman Marcus would become the first major US department store to crumble amidst the economic set backs from the coronavirus outbreak.
Reuters reported the company had few options after the coronavirus spurred lockdowns that shuttered non-essential businesses, including all 43 of their stores.
This includes Last Call stores and its two New York City Bergdorf Goodman department stores.Neiman Marcus has struggled to stay afloat with brick-and-mortar stores as consumer shopping increasingly shifts online.
Reply 1 - Posted by:
Annie Xango 4/19/2020 4:46:34 PM (No. 384743)
OP..I agree re Bergdorf's...my all time fav..but do love NM...makes me sad..guess I had better use up the balance on my GCard...
5 people like this.
Reply 2 - Posted by:
earlybird 4/19/2020 4:48:30 PM (No. 384745)
Retail has been sick for quite a while. It began when the so-called “luxury stores” decided to go for the very young, and began to gear their merchandising toward that strange and very fickle market. It has gone on for a long time. I watched I. Magnin & Co. disappear after it had been the place for the wealthy in San Marino, Santa Barbara, the West Side of Los Angeles to spend lots and lots of money. As these stores disappeared, I wondered where women with megabucks would go to find the unusual, the special, the costly. Everything began to become homogenized. Mistakes were made. So now this...
20 people like this.
Reply 3 - Posted by:
franq 4/19/2020 4:53:37 PM (No. 384752)
Last night heading for Zaxby's take home I commented that we'll probably see a lot of Going Out of Business Sale signs in the near future. Mattress stores will probably drop like flies.
7 people like this.
I guess there won't be the Nieman Marcus Christmas Book this year. Darn I just saved up $700,007 to but the limited-edition 007 Aston Martin designed by Daniel Craig. Walmart here I come.
15 people like this.
Reply 5 - Posted by:
voxpopuli 4/19/2020 5:08:12 PM (No. 384772)
this could affect my buying habits..
i like to buy the clothes they sell..
on ebay..
gently used..
at about 5% of retail..
5 people like this.
Reply 6 - Posted by:
GoodDeal 4/19/2020 5:30:04 PM (No. 384787)
Nancy and Chuck are high fiving and doing the moonwalk!
10 people like this.
Before we ever heard of Covid-19 the big retailers were already falling prey to the virus of cheap Chinese tat, including famous brands (eg Polo) whose quality nosedived while prices remained the same. Shoppers weren't fooled and abandoned retail while retail claimed Amazon was undercutting them.
A look at any Amazon product will put the lie to this claim since people are STILL seeking value for money and won't buy the cheap stuff based on price alone.
16 people like this.
Reply 8 - Posted by:
marbles 4/19/2020 5:43:38 PM (No. 384806)
Neiman shoppers have money. And can buy on line from them. They had to be having non virus related trouble before hand.
11 people like this.
Reply 9 - Posted by:
udanja99 4/19/2020 5:45:58 PM (No. 384809)
We always called it Needless Markup.
18 people like this.
Reply 10 - Posted by:
ho72 4/19/2020 6:32:55 PM (No. 384832)
The only thing NM was good for was entertainment; we used to walk through and laugh at the prices.
11 people like this.
Reply 11 - Posted by:
Mushroom 4/19/2020 7:09:47 PM (No. 384862)
NM was hurting before the virus, and much like COVID-19, the early deaths will be the low hanging fruit, the stores that are just on the edge, in people it was the weak and elderly. One difference is that this culling in our capitalist society is a good thing. Money will flow to deal with the needs of the buying public. Amazon is just in the right place at the right time and instead of 2 day shipping, now it's 2week. That will come back to bite them one day.
5 people like this.
Reply 12 - Posted by:
texaspast 4/19/2020 7:10:36 PM (No. 384863)
Well, Northpark mall in Dallas will be a little emptier. But it is one of the few malls that are still crowded year-round.
3 people like this.
Reply 13 - Posted by:
Pearson365 4/19/2020 7:22:34 PM (No. 384869)
When women’s fashion consists of black leggings and skin tight exercise leggings that are quite vulgar when worn shopping or picking up children at school, there is not need for a NM.
When Vogue and other women’s fashion magazines refuse to feature the most fashionable First Lady ever in Melania while featuring homely Democrats, there is no need for a NM.
When business men insist on “business casual” and business sloppy, there is no need for NM.
When the TSA’s policies make tie shoes and cuff links on dress shirts a pain, there is no need for NM.
When tee shirts and jeans become the lazy American’s preferred dress code, there is no need for NM.
When “wildlings” invade malls on a regular basis, there is no need for NM.
Finally,
26 people like this.
Reply 14 - Posted by:
Pearson365 4/19/2020 7:24:52 PM (No. 384871)
Finally, when Amazon makes shopping far easier and much safer, there is no need for NM.
7 people like this.
Reply 15 - Posted by:
pros7767 4/19/2020 7:31:30 PM (No. 384878)
Oh my. What will the elites do???
2 people like this.
Reply 16 - Posted by:
red1066 4/19/2020 7:49:03 PM (No. 384893)
Well #3, in Baltimore, mattress stores are everywhere. All those illegals need something to sleep on. It's not usual to see cars or trucks with three sometimes four mattresses piled on top.
3 people like this.
Reply 17 - Posted by:
anniebc 4/19/2020 8:04:25 PM (No. 384904)
Wildlings! poster 14. Seriously? That was funny!
5 people like this.
Reply 18 - Posted by:
DARling 4/19/2020 8:39:32 PM (No. 384925)
The last two times I went to the NM store nearest to me, they had a lot of expensive price tags on stuff that looked no better than Macy's. I often shop on the Last Call website and they have a lot of NM-branded clothing and handbags. When I went to the store, they said they don't carry much of their own branded merchandise. Their sale racks looked more like Walmart than an upscale store. I have shopped at the flagship store in Dallas in the past and that set the NM standard for me. There is nothing special about the one in my neighborhood.
3 people like this.
Reply 19 - Posted by:
thewarden 4/19/2020 8:43:59 PM (No. 384930)
Mom likes the bistro at the Fashion Valley NM in San Diego—they serve hot popovers at the table. She takes me there on my birthday every year. When we walk thru the store, we get the stink eye from the snotty sales witches which is hilarious as my mom could buy anything she wants there—but she won’t. I really hate that yearly ‘perp walk’ but sad to see people losing jobs.
6 people like this.
Reply 20 - Posted by:
wilarrbie 4/19/2020 8:57:05 PM (No. 384938)
Bricks & mortar becoming the buggy whips and train cabooses of our advances in tech and our affinity for the ether malls. And everything #14 said.
4 people like this.
Reply 21 - Posted by:
Butch 4/19/2020 9:30:33 PM (No. 384955)
Needless-Markup ised to be a terrific specialty store. Over the past few decades, however, their service has frequently become borderline rude. Nordstrom has wonderful customer service, and of course, Bergdorf´s is wonderful too. Excellent merchandise and superb service.
If I´m spending $200 for a pair of short pajamas, I want excellent service, thank you.
8 people like this.
Reply 22 - Posted by:
Donna M 4/19/2020 10:00:16 PM (No. 384977)
Is Neiman's online and catalog sales also part of this? After buying from them once, I get emails 3x daily with comeons of $000s off plus innumerable online ads served up.
1 person likes this.
Reply 23 - Posted by:
JHHolliday 4/19/2020 10:07:05 PM (No. 384982)
One major factor aside from on-line shopping and poor management is carrying way too much debt. The big retail chains that are overloaded with debt will be the first to go. Debt narrows the option to be flexible and nimble, something sorely needed in a downturn. This also applies to individuals. Pay off debt, listen to Dave Ramsey and don’t buy that over-priced new car because it looks shiny and cool.
3 people like this.
Reply 24 - Posted by:
watashiyo 4/19/2020 11:11:35 PM (No. 385007)
Very sad to hear the news. NM was my favorite destination for window shopping. However, how was it possible for a well-known brand to operate without a reserve fund for an emergency like this?
3 people like this.
Reply 25 - Posted by:
Trigger2 4/20/2020 12:19:44 AM (No. 385034)
Oh no, where will the Butcher, Piglousi, and the Wookie go to now to buy their camel dresses at an inflated price using your ripped off tax dollars?
3 people like this.
Going to be bad when clothes stop coming from China at all of these stores. I do not like shopping online from anybody.
1 person likes this.
Reply 27 - Posted by:
StormCnter 4/20/2020 5:39:56 AM (No. 385106)
I love Neiman's, but as age catches up I find I do more online shopping than in the stores. And NM's customer service has always been wonderful.
2 people like this.
Reply 28 - Posted by:
BigGeorgeTX 4/20/2020 3:45:04 PM (No. 385777)
I guess you can fail even when catering to the wealthy.
0 people like this.
Reply 29 - Posted by:
Annie Xango 4/20/2020 5:05:08 PM (No. 385842)
I am still in mourning for I. Magnin's Union Square in SF0..........sigh....
0 people like this.
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