Luxury Retailer Neiman Marcus Files for Chapter 11 Bankruptcy

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DALLAS (1080 KRLD) -  Neiman Marcus stores officially filed for Chapter 11 bankruptcy protection today in a Houston court.

The Dallas-based luxury retailer has fallen on hard times, and it's only gotten worse during the coronavirus outbreak which has forced Neiman-Marcus to temporarily close all its stores and furlough most of its employees.

Reuters reported in mid April that the company was close to securing a loan worth hundreds of millions of dollars to keep some of its operations afloat during bankruptcy proceedings.

The company's monthly debt service is in the millions, and it reportedly missed payments before having to finally declare for Chapter 11 bankruptcy protection.

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