Neiman Marcus Group is preparing a bankruptcy-protection filing and could become the first major US department store to fall victim to the economic climate caused by COVID-19. This will most probably happen this week, according to a person, who is close to the situation.
he fashion house went into administration in May - slashing its
workforce from 124 to just 12 in a bid to cut costs - and potential
buyers will be evaluated by a court in September to decide who will
assume control of the label.
Favourites to take over are believed to be the Italian Borletti Group, whose last minute bid was being treated as "serious" by administrators. Financial assessors have already thrown out an "unsatisfactory" offer from French turnaround firm Bernard Krief Consultants, along with two bids of one euro.