Neiman Marcus files for bankruptcy amid Covid-19 pandemic

After J.Crew, Neiman Marcus Group Ltd LLC has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. As part of the process, the company said in a statement, Neiman Marcus Group has secured debtor-in-possession (DIP) financing of 675 million dollars from creditors to enable business continuity throughout proceedings.