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Neiman Marcus could declare bankruptcy this week: report – MarketWatch

Neiman Marcus Group is preparing to file for bankruptcy as soon as this week, Reuters reported Sunday, a casualty of the coronavirus-related economic shutdown. The department-store chain is carrying almost $5 billion in debt and has been forced to temporarily close all its stores and furlough most of its employees due to the pandemic. Citing people familiar with the matter, Reuters reported the company is close to securing a loan worth hundreds of millions of dollars to keep some of its operations afloat during bankruptcy proceedings. Neiman Marcus was acquired in 2013 by Ares Management LLC
ARES,
+3.97%

and the Canada Pension Plan Investment Board.

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