The coronavirus shutdown has hit Neiman Marcus so hard that the 112-year-old storied luxury department store chain is seeking Chapter 11 bankruptcy protection.I was expecting this news in April, but it took until today for Neiman Marcus to file. CNBC Television has more on the circumstances that led the Dallas-based luxury retailer to act in Neiman Marcus files for bankruptcy protection.
CNBC's Courtney Reagan reports on retailer Neiman Marcus' decision to file for Chapter 11 bankruptcy amid the coronavirus pandemic.Neiman Marcus was not the first major retail chain to file for Chapter 11 protection because of the pandemic. That dubious honor went to J. Crew, which CNBC reported J. Crew has filed for bankruptcy, here's what's next for the company on May the 4th.
CNBC's Courtney Reagan reports on the fall of J. Crew after the company filed for bankruptcy. She also reports on who else is facing issues.Neither of these bankruptcies came as a surprise to any close observer of retail, as both chains appeared in a list of "junk retail" in CNBC's Former Saks CEO on the long-term impact of coronavirus on the retail industry from April 20, 2020.
A number of retailers are taking drastic steps after being hit hard by the coronavirus. Neiman Marcus missed a bond payment and, according to Reuters, is preparing to seek bankruptcy protection. Additionally, Nordstrom suspended merchandise orders and Macy's is exploring options to shore up its finances. Steve Sadove, former chairman of Saks Inc. and CEO and now a senior advisor for Mastercard, to discuss what retailers can do to survive the crisis.In addition to J. Crew and Neiman Marcus, CNBC listed both GameStop and JCPenney, both of which have been on my watch list for a year or more. I would not be surprised if one of them was next.
That's it for the Retail Apocalypse for today. Stay tuned for the retrospective about Twitter this blog on I promised three times to observe Throwback Thursday.