Neiman Marcus to File for Bankruptcy
Neiman Marcus, one of the largest retailers of its kind in America, has hit the mat and can't get up in the wake of the coronavirus pandemic, and the chain is reportedly ready to file for bankruptcy. It's unclear what kind of protection Neiman's would be seeking in bankruptcy court, but these are clearly tough times.
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Another Luxury retailer files for bankruptcy over debt issues
US luxury retailer Neiman Marcus, saddled with debt and hit by the coronavirus pandemic, filed for bankruptcy on Thursday with a deal to hand its business over to its creditors. The bankruptcy filing will help it eliminate roughly $4 billion in debt that remains as a memento from its sale to private equity firms Ares Management and the Canada Pension Plan Investment Board in 2013.
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Hobby Lobby told to "cease and desist" as it defies stay-at-home orders
Ohio Attorney General Dave Yost took to social media Wednesday to note that while Hobby Lobby had "properly closed its stores during Ohio's stay-home order. Within an hour of receiving his cease-and-desist order, Hobby Lobby's general counsel called to say the company would be closing its stores in the state as of Wednesday night, Yost stated in a follow-up tweet.
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