Luxury Retailer Neiman Marcus Is Seeking Chapter 11 Protections

A major retailer filed for Chapter 11 bankruptcy due to the pandemic's impact, with $5.1 billion in debt. The CEO sees this as a chance to restructure financially. Creditors have pledged $675 million to keep the business running and $750 million for recovery. Other retailers like J.Crew and possibly JCPenney face similar issues. Despite store closures, Neiman Marcus saw a rise in digital sales and plans to emerge stronger post-bankruptcy. The CEO reassures customers of continued service and transformation.

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