Neiman Marcus is expected to file for bankruptcy. What does that mean for Miami?
One of the nation’s premier luxury retailers has been hit by the economic downturn.
The Dallas-based Neiman Marcus Group is expected to file for bankruptcy sometime this week, according to a report by Reuters published on Sunday. The action is a result of the economic impact of the coronavirus pandemic.
The company has a total of 43 flagship stores nationwide, with locations at the Shops at Merrick Park, Bal Harbour Shops and the Galleria at Fort Lauderdale.
Neiman Marcus also has two stores in Palm Beach County.
Neiman Marcus is known for top-name designers and other luxury goods, displayed each January in its vaunted Christmas catalog.
In the wake of the coronavirus shutdowns, other national retailers including Macy’s and Kohl’s announced massive layoffs.
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For retailers, the pandemic comes at an inflection point, as they cope with the rise of online retail. In January, before COVID-19 spread, Macy’s, Inc. announced it would close its Bloomingdale’s location in the Falls.
