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Neiman Marcus Reportedly Filing For Bankruptcy Amid COVID-19 Crisis Neiman Marcus Reportedly Filing For Bankruptcy Amid COVID-19 Crisis
Neiman Marcus Reportedly Filing For Bankruptcy Amid Covid-19 Crisis Neiman Marcus is preparing to seek bankruptcy protection as soon as this week, Reuters reports. The company is the first major U.S. department store operator to crumble during the coronavirus shutdown, which closed 43 locations -- along with nearly 24 Last Call stores and a pair of Bergdorf Goodmans in New York. A negotiation loan totaling hundreds of millions of dollars is in the final stages with creditors, as Neiman Marcus is $4.8 billion in debt, Reuters says. Neiman Marcus' three New Jersey locations are at Westfield Garden State Plaza in Paramus, a Last Call Studio at The Outlets at …

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by Cecilia Levine
Business
Forever 21 To File For Bankruptcy Forever 21 To File For Bankruptcy
Forever 21 To File For Bankruptcy Fast fashion retailer Forever 21 announced it will be filing for bankruptcy Sunday. Headquartered in California, the company will close nearly 350 stores internationally, including 178 in the U.S. "The bankruptcy is a blow to a company that prided itself on embodying the American dream, as well as a reminder of how quickly the retail landscape is transforming," the New York Times reports.  Forever 21 was most successful in the early 2000s, selling clothing that replicated designer looks for "rock-bottom prices," The Times said. A staple at large shopping malls, Forever 21 has stores …

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by Cecilia Levine