The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Paramus NJ, U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.
Continue reading COVID19 Driven Retail Apocalypse Coming to a Mall Near You
the staff of the Ridgewood blog
Paramus NJ, U.S. retail giant Neiman Marcus is filing for bankruptcy after having to close its stores over the coronavirus pandemic, according to Reuters. The Dallas-based company temporarily closed its 43 flagship Neiman Marcus stores, two dozen Last Call stores and its two Bergdorf Goodman stores in New York over nation-wide shelter-in-place regulations, rendering the company unable to pay its billions in debts. It has also furloughed most of its 14,000 employees. Reuters reports that the bankruptcy filing could come within days. The debt-laden retailer, which carries about $4.8 billion in loans, skipped millions of dollars in debt payments last week. Neiman Marcus is the first major retailer to reach this level, but Reuters reports that Macy’s and Nordstrom have also been working on new financing and that J.C. Penney is contemplating a bankruptcy filing. Neiman Marcus has a store in the Garden State Plaza in Paramus .
