This week, Neiman Marcus will become the first major U.S. department store to file for bankruptcy as a result the fallout from the coronavirus pandemic, according to reports.
The bankruptcy filing could come within days, sources told Reuters. The move would make the company the first major U.S. department operator to seek the protection amid the coronavirus outbreak that has shuttered the doors of stores and restaurants around the country.
The Dallas-based company has been forced it to temporarily shut all 43 of its locations, roughly two dozen Last Call stores, and its two Bergdorf Goodman stores in New York.
The company has furloughed many of its roughly 14,000 employees.
The first Neiman Marcus store was opened in Dallas, Texas in 1907, by the Marcus and Neiman families who decided to pursue retail after considering and then rejecting an investment in a little-known soft drink at the time called Coca-Cola.