Reports are circulating that Neiman Marcus will file for bankruptcy this week (and hey, could be true because 25% Off all Beauty at Neiman Marcus! WHOA!). If reports are true this is the first high-end, luxury department store to do so. According to reports this is due to the current pandemic but honestly, I don’t believe that. It hasn’t helped that’s for sure however, I think most luxury department stores have been suffering for a while and the current situation just tipped them over the mountain.
Barney’s New York went out of business as of February closing down stores and their online website. Will Neiman Marcus end up suffering the same fate? It’s possible by filing for bankruptcy it could help them remain in business. Stores, will of course, close down but at least popular locations will stay afloat.
The current situation is worst than 9/11 and overnight major retailers and small business are facing the sad reality they might not be able to make it through this catastrophic crisis. Hopefully Nordstrom doesn’t have the same issues but they have already postponed their Anniversary Sale so who knows?
Neiman Marcus has made no official word about their filing as of yet but according to news report that could change later this week. Right now, they are having a massive sale which did raise some red flags for me. We’ll see how it goes this week and I’ll report back when official word breaks.
P.S. It’s Monday my dear friends. A fresh start! I hope you’re keep productive and you’re all safe and well. Try to get out there and do something productive. Put down the phone and get off TikTok 🙂 Go for a walk (while remaining socially distant), get some exercise and fresh air! It’s a great way to start your week!