Neiman Marcus Bankruptcy

[Panina]

Neiman Marcus to file for bankruptcy as soon as this week: sources

The coronavirus pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations and furlough many of its roughly 14,000 employees.

www.foxbusiness.com

 

[pianodinosaur]

Very sad.

 

[TravelTime]

Macy’s furloughed 130,000 employees. Really sad.

Macy's Furloughs Most Of Its 130,000 Workers

Citing the pandemic's "heavy toll" on its business, Macy's says it's furloughing the majority of its employees. Its stores have been closed since March 18 and there's no sign when they will reopen.

www.npr.org

 

[PigsDad]

This is only the beginning. The SIP/SAH orders are going to make today's unemployment numbers look miniscule. And since employment is tied to health insurance in this country, the number of unnecessary deaths may dwarf the CV-19 deaths in the long run. I hope I'm wrong, but it's not looking pretty.

Kurt

 

[Panina]

Very sad.

Many business will not survive. When things get better new ones will take their place to meet demand but will be created with an online dominance model behind the physical locations imo. Americans are innovative, and new businesses will emerge with stronger models.

 

[CalGalTraveler]

This is sad news. PSA: if you have unused gift cards for these stores or restaurants, now is the time to use them.

 

[VacationForever]

I am sad to read this.

 

[Brett]

Next up - JC Penny and Macy's
I liked Macy's

 

[VacationForever]

I would not like brick and mortar stores to close. It just makes me sad. How I think they can survive is to improve their online presence and shopping experience and downsize brick and mortar stores to fewer stores and maybe reduce 25% to 50% of their footprint. I find that most websites' search engines are not robust or accurate in the return of results that I just don't think of going to their websites the next time I go online shopping.

 

[SteelerGal]

Many of the high end retailers have been struggling for sometime. Not surprised.

 

[TravelTime]

The retail apocalypse

https://moneywise.com/a/chains-closing-the-most-stores-in-2020

 

[Panina]

I would not like brick and mortar stores to close. It just makes me sad. How I think they can survive is to improve their online presence and shopping experience and downsize brick and mortar stores to fewer stores and maybe reduce 25% to 50% of their footprint. I find that most websites' search engines are not robust or accurate in the return of results that I just don't think of going to their websites the next time I go online shopping.

Some sites are so horrible that I just give up. They did not keep up with the shopping trends and ignored what was happening around them. Many of these larger companies that will fold probably would have later on too. This situation just made it sooner rather then later.

 

[TravelTime]

This is my favorite clothing store. I mainly shop them online because their sale merchandise is easier to get online. I hope they survive!

Shop Women's Clothing, Petite, Business Casual, Dresses, Tops & Pants - White House Black Market | White House Black Market

White House Black Market offers polished black and white women's clothing with pops of color and patterns. Shop tailored dresses, tops, pants and accessories.

www.whitehouseblackmarket.com

 

[b2bailey]

I have never entered a Neiman Marcus store in my life, yet I shed a tear reading this story. This is the type of place that has employees who have worked there for 20+ years. Where do they go from here?

 

[b2bailey]

This is my favorite clothing store. I mainly shop them online because their sale merchandise is easier to get online. I hope they survive!

Shop Women's Clothing, Petite, Business Casual, Dresses, Tops & Pants - White House Black Market | White House Black Market

White House Black Market offers polished black and white women's clothing with pops of color and patterns. Shop tailored dresses, tops, pants and accessories.

www.whitehouseblackmarket.com

This is a branch of Chico's right? I like them.

 

[TravelTime]

This is a branch of Chico's right? I like them.

I am not sure but maybe. Now that I recall, the WHBM store nearest to us has a Chico’s next door.

 

[bbodb1]

Some sites are so horrible that I just give up. They did not keep up with the shopping trends and ignored what was happening around them. Many of these larger companies that will fold probably would have later on too. This situation just made it sooner rather then later.

This is along the line of what I was thinking. Many of these companies who are about to go under were about to do so anyway - prior to COVID 19.

The inevitable just came a bit sooner. Our economy continues to evolve replacing the old and outdated with the new and nimble. It has always been this way and always will.

How long ago was it when people thought the Bell System would go on forever?

 

[Luanne]

This is a branch of Chico's right? I like them.

Yes, they are a subsidiary of Chico's.

 

[SteelerGal]

Neiman in recent years was known more for their Christmas Catalog. I hadn’t been in store in 5yrs. Whereas I still would shop at Bloomingdales.

 

[Luanne]

A friend of mine had told me about Nieman Marcus. She also told me that Nordstom is opening 5 new stores in the next 2 years. I think she got that information from a family member who works at Nordstrom corporate.

I didn't shop Nieman Marcus. I'd go in and look around every so often when I'd be somewhere where there was one. Dh always called them Needless Markup.

 

[pedro47]

This is a very sad story. Mall stores are closed , strip mall retails stores are closed and J C Penny just file for bankruptcy.

Small business speciality shops , sit in restaurants are closed and all public museums and libraries are closed.

 

[Glynda]

This is a branch of Chico's right? I like them.

Yes, Chico's, White House Black Market and Soma are owned by the same group. If I recall correctly, the first Chico's store was on Sanibel Island in Florida.

 

[Glynda]

I have rarely purchased from Neiman Marcus but I've always enjoyed looking there when I get to Atlanta or Charlotte, the two closest to us.

 

[dioxide45]

This is along the line of what I was thinking. Many of these companies who are about to go under were about to do so anyway - prior to COVID 19.

The inevitable just came a bit sooner. Our economy continues to evolve replacing the old and outdated with the new and nimble. It has always been this way and always will.

How long ago was it when people thought the Bell System would go on forever?

This. Many of these stores were on their last legs. We haven't been in to a department store in many years. Perhaps a JC Penny's several years ago. The last time we regularly shopped at a department store was perhaps Elder-Beerman's. Haven't been in to Sears except when they were selling off stuff to close their stores. These stores failed to adjust to a changing market. I do feel bad for their employees, but the demise of these stores is not news, it has been know for a long time. The current pandemic just accelerated their demise.

Perhaps one outlet we go to a lot that could suffer or close is AMC Theaters. We has AMC A-List. This company was already in financial trouble before the current crisis.

 

[dgalati]

Many of the bricks and motar stores were to slow to change their business model. End result bankruptcy. The move to online buying started 20 years ago. The stores that embraced the changes survived and florished. Disrupters like Netflix and Amazon rose to the top because consumers embraced the product and lower pricing. I am not sure why so many traditional bank braches are still open. That business model is broken.