Texas
Related: About this forumJudge approves crucial $675 million bankruptcy financing for Neiman Marcus
Neiman Marcus received preliminary approval from a bankruptcy judge late Friday for a crucial financing lifeline of $675 million that was debated in a virtual courtroom.
U.S. Bankruptcy Judge David R. Jones in Houston led a hearing that reviewed the high fees and high risks involved with the Dallas-based retailers attempt to reorganize during a pandemic.
Attorneys for Neiman Marcus said the company doesnt expect to open all its stores until July. In the interim, it will need at least $300 million to operate.
The high cost of the financing, 13% of the loan, or $87.75 million, reflects the risk associated with the reorganization, lawyers and witnesses said.
Read more: https://www.dallasnews.com/business/retail/2020/05/08/judge-approves-crucial-675-million-bankruptcy-financing-for-neiman-marcus/
duforsure
(11,882 posts)Many more big box retail stores will go under, and announce bankruptcy plans also. Malls will slowly start going under too. Our past economy will not be back for a long while with trump in office. Once he's out, it will take maybe years to recover from all of trumps failures. Same will start happening to bigger chain restaurants also, who will cut their loses , and fold up when they realize its not coming back for a long while. The trump depression will cripple businesses everywhere.
jimfields33
(15,475 posts)for most of these businesses. Maybe all of us are going to see a future simpler life where we live without nonessentials and have fewer options to eat out. We were spoiled beyond belief before this happened.