Neiman Marcus Files Chapter 11 Bankruptcy Protection

The Dallas Morning News reports:

The first high-profile retail casualty of the global coronavirus pandemic is a 113-year-old luxury retailer that put Dallas on the world’s fashion map.

Neiman Marcus said it will shed $4 billion of its debt in the bankruptcy reorganization filed Thursday in U.S. bankruptcy court in Houston. The company said it plans to emerge from bankruptcy in early fall.

Neiman Marcus has been struggling with debt that equals the retailer’s annual revenue since it was sold in late 2013. Many of its major creditors are also stepping forward to provide $675 million in financing to be used through the reorganization.