The Dallas-based retailer plans to cede control to creditors in exchange for eliminating $4 billion of debt. Its debt currently totals about $5 billion.
Neiman Marcus Group filed for bankruptcy protection on Thursday, marking one of the highest-profile collapses yet among retailers forced to temporarily close stores in response to the COVID-19 pandemic.
The U.S. luxury department store chain filed for bankruptcy in a federal court in Houston, and said it had reached agreement with creditors for US$675 million of debtor-in-possession financing to aid operations while it attempts to reorganize.
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