Neiman Marcus Collapses
Even before the virus spread, the company was struggling because shoppers were defecting to online merchants and consumer tastes were changing, according to sources at Bloomberg.
With the generational shift and newfound popularity of online shopping accessibility, boutique fashion, and high-end retail no longer maintaining the allure of younger generations who can not afford it, brand retailers like Neiman Marcus are facing an unfortunate but inevitable reality.
Even before the recent pandemic outbreak of Covid-19 luxury retailer Neiman Marcus was already facing a heavy debt weight, but with the global virus forcing store closures
Neiman Marcus looks to be in line as another domino to fall signifying the death of old guard fashion as they prepare for a bankruptcy filing to ease their debt load.