Neiman Marcus – Symbol of American Luxury files for Bankruptcy

Press Release : May 13, 2020
Neiman Marcus – Symbol of American Luxury files for Bankruptcy

America’s luxury retailer isn’t bending up and predicts to climb from revamping not long from now.

In March 2019, the highest point of the line retailer Neiman Marcus opened its first station in Manhattan. This store was of 188,000 square feet and was spread multiple accounts, which was a catch occupant of the Hudson Yards improvement, the brand’s CEO called it as the novel kind “retail theater”. This store gloried live cooking, fitting rooms aggregate with interactional touch screens, in-house aestheticians, and mixology appears.

Geoffroy van Raemdonck, the authority worked for a year in this association and had quite recently enlisted a lot of new directors far reaching of Bergdorf Goodman, supervisor for the brand’s other pearl in New York. In a late November meet with The New York Times, he referenced that all of the as of late enrolled staff has “a vitality for changing our business.”

Mr. Raemdonck even expressed, “They all acknowledge that notwithstanding the way that we are going to fascinate our customers by bringing to them excellent and curated experiences, yet they really acknowledge that we are traveling another course for how the retail business and retail chain are evolving themselves.”

On Thursday, the sum of that went to an unforeseen stop when Neiman Marcus transformed into the essential critical retail anchor social affair to request of for monetary security protection during the advancing overall pandemic. It is an astonishing fall that follows the devastation of Barneys New York before the finish of a year ago and comes as shadows gather over chains like J.C. Penney and Lord and Taylor.

In the U.S. Indebtedness Court for the Southern District of Texas, the association appealed to for Chapter 11 remaking technique. In a letter to customers, Mr. Raemdonck highlighted that the business was not winding up and that it hopes to restore stores once it is sans risk to do thusly. He included, “This is basically a methodology that allows our association to ease commitment, get to additional income to keep up the business during these troublesome events, and build up a more grounded association with the ability to all the more probable serve you and continue with our change as time goes on.”

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