Luxury retailer Neiman Marcus would have to sell a whole lot of Gucci bags and Chanel suits to stay afloat, especially now that we are still experiencing a pandemic. The store was already going through some financial challenges before the start of 2020, but now the department store is reportedly filing bankruptcy.
The financial strain is nothing new to Neiman Marcus, the retailer has been struggling to pay the bills for a few years now, and with the temporary closure of its stores, this week the retailer will file for Chapter 11 protection in hopes of holding on and coming back strong with a more streamlined operation.
I've always wondered how Neiman Marcus kept its doors open in today's retail climate, with racks of merchandise and shoes displaying thousand dollar price tags. But don't get me wrong if the stores fold I'll be sad about it because I like Neiman Marcus, but on the other hand they did have a solid 113 year run.