Luxury retailer Neiman Marcus files for bankruptcy

U.S. luxury department store chain Neiman Marcus Group filed for bankruptcy protection on Thursday – another high profile corporate collapse as shoppers are stuck at home.

The Dallas-based retailer plans to cede control to creditors in exchange for eliminating $4 billion of debt. Its debt currently totals about $5 billion.

Neiman Marcus joins retailers J. Crew who just filed for bankruptcy Monday, and JCPenny who is also considering doing the same, Reuters has reported.

The nearly 113-year-old company in March furloughed many of its roughly 14,000 employees and temporarily closed all its 43 Neiman stores, two Bergdorf Goodman locations in New York and roughly two dozen Last Call stores.

The stores will remain closed through the end of this month.

The company expects to emerge from Chapter 11 proceedings in early fall.

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