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Neiman Marcus Bankruptcy

linpat

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The news about N-M is so sad. One of the textbooks when I took a Marketing class was Stanley Marcus’s book “Minding the Store”. Mr. Marcus was a genius and also wrote a very enjoyable book. Once the stores were sold the brand went downhill.
 

Panina

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there might be another
Exclusive: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic
https://reut.rs/3bBzgjb
 

Big Matt

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I don't know what NM is doing, but if it is a Chapter 11 bankruptcy it may simply be a restructuring of their debt or simply protection from creditors while they seek a buyer for the 43 stores, inventory, etc. I'd be very surprised if they are gone for good. It's one of those things where people will pay a premium to shop there, but not a great place for online shopping. People want to see, touch, sample the products face to face.
 

controller1

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I don't know what NM is doing, but if it is a Chapter 11 bankruptcy it may simply be a restructuring of their debt or simply protection from creditors while they seek a buyer for the 43 stores, inventory, etc. I'd be very surprised if they are gone for good. It's one of those things where people will pay a premium to shop there, but not a great place for online shopping. People want to see, touch, sample the products face to face.

Yes, the Neiman Marcus customer is . . . well it is actually the same as the high-risk group for Covid-19, those of us over the age of 60! Without major changes in their business model Neiman Marcus' days were numbered regardless of Covid-19.
 

bogey21

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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.
Unfortunately I think you are right...

George
 

Panina

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Exclusive: Investors to challenge Neiman Marcus bankruptcy loan, push for sale - sources
https://reut.rs/3eTaA7F
 

Maple_Leaf

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Hapimag

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Panina

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And I just saw JCrew go by on tv to close its doors.
“J.Crew is not closing its doors and not liquidating, the company emphasized in its announcement. “Chapter 11 is a tool that provides companies the breathing room necessary to fix their business and address their liabilities while continuing day-to-day operations,” it said.
 

nerodog

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“J.Crew is not closing its doors and not liquidating, the company emphasized in its announcement. “Chapter 11 is a tool that provides companies the breathing room necessary to fix their business and address their liabilities while continuing day-to-day operations,” it said.
Thanks for the clarification
I saw it go by on the news but didn't get the whole story. I'm glad they aren't closing !!
 

Panina

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Thanks for the clarification
I saw it go by on the news but didn't get the whole story. I'm glad they aren't closing !!
So am I. I love their 100% cotton t-shirts.
 

Snazzylass

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Regarding brick and mortar banks. There is something that seems strange here in Palm Springs area. Chase bank has built (Not brick and mortar but current day building materials.) three new banking locations. Truly makes me wonder.
What about retailers? Business accounts? Those are your daily depositors. And, Private Client customers? And, Financial Advisors? Seems some of the old big names like Merril Lynch and Prudential Bache and such have been absorbed by these large banks. These are the new branch customers.
 

Snazzylass

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The news about N-M is so sad. One of the textbooks when I took a Marketing class was Stanley Marcus’s book “Minding the Store”. Mr. Marcus was a genius and also wrote a very enjoyable book. Once the stores were sold the brand went downhill.
I studied Fashion for a brief time in Dallas. Never became a N-M customer but love their Fortnights and such.
 

Snazzylass

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That is sad. We used to go to the San Francisco to I. Magnin's and Macy's as kids to see the windows at Christmas at Union Square. My parents would take us to Liberty House to see the 100 foot tall Christmas tree. Then, when my kids were small, we did the same but would go to Sear's Fine Foods for Swedish pancakes in the morning. Then, window shop. Then, when Neiman Marcus came into the old Liberty House building that they took over and they put in the Giant Christmas tree. We would look at the new Christmas tree at Neiman's. So sad to see it go.
I grew up in an era of the department stores and loved the Christmas displays and Lunch rooms. Seems the beautiful Christmas displays have shifted to the lobby of hotels, and there are a couple worth visiting in SF. Saw the gingerbread house in one of them a few years ago. Amazing!
 
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