Neiman Marcus Group is said to be preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak.
Neiman Marcus Group skipped a debt payment due this week, the latest sign of a cash crunch pushing the U.S. chain to the brink of a possible bankruptcy after it temporarily closed stores amid the coronavirus pandemic.
J.C. Penney Co Inc has approached consulting firm AlixPartners LLP as the U.S. retailer looks at options for managing its debt, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.
True Religion Apparel Inc on Monday filed for Chapter 11 bankruptcy protection for a second time in less than three years, becoming another casualty of the coronavirus outbreak that has ravaged the retail sector.
The department store operator announced on Tuesday that EVP and chief financial officer Paula Price will be leaving the company as of May 31, 2020, and revealed that it has begun an external search for her replacement.
Macy’s Inc will be removed from the benchmark S&P 500 stock index, the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping.
Macy’s Inc said on Monday it would furlough most of its 130,000-strong workforce starting this week as all stores of the department chain operator have been temporarily shut due to the coronavirus pandemic.
The San Francisco distribution center is expected to be closed until April 7, while the Bethlehem center will remain closed until further notice, following a state-wide order to close all non-life-sustaining businesses.