In addition to our normal news coverage, What Now Atlanta is tracking ways Atlanta’s businesses are adapting to the novel coronavirus and the challenges it brings to brick-and-mortars.
Dallas, TX-based Neiman Marcus Group is “preparing” to file bankruptcy and could so so as early as this week, sources close to the matter exclusively shared with Reuters Sunday.
Like other “non-essential” businesses, Neiman Marcus earlier this year had to temporarily shutter all 43 of its storefronts including in Buckhead’s Lenox Square and would be the “first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak,” according to the report.
Sister retailers Last Call and Bergdorf Goodman would be included in the bankruptcy.
It’s unclear what would happen to the retail stores after Neiman Marcus Group finalizes the bankruptcy, but it will likely result in a reorganization of debts and not a liquidation.
According to Reuters’ sources the company “could attract interest from potential suitors seeking to pick up the company or some of its assets on the cheap.”
Neiman Marcus has been in business for more than a century with its first store debuting in Dallas in 1907 under the Marcus and Neiman families, according to the retailer’s website.
Click here to read Reuters’ thoughtful report in its entirety.
[Editor’s note: The novel coronavirus (COVID-19) pandemic is rapidly evolving as is its effect on Atlanta, and the City’s businesses and its residents. Click here for What Now Atlanta’s ongoing coverage of the crisis. For guidance and updates on the pandemic, please visit the C.D.C. website.]
4 Responses
Hopefully we get a Uniqlo oneday
With Pottery Barn’s recent departure, I could see Uniqlo taking that spot. Or, if PB Kids follows them shortly thereafter.
“athletic apparel” Lulz.
This will actually be Sandro and Maje’s second introduction to the Atlanta market, as I was the manager for them both at Bloomingdales Lenox from 2014 til 2016. These are two great Parisian companies with beautiful style to offer Atlanta once again. Excited to see them coming back as an in-line store!!!!