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On Thursday, Neiman Marcus became the first major department store company to file for bankruptcy protection during the coronavirus pandemic.
The company entered the bankruptcy proceedings in the US Bankruptcy Court for the Southern District of Texas. However, in a letter to customers, chief executive officer Geoffroy Van Raemdonck stressed that the business was not liquidating and that it intended to reopen stores once it was safe to do so.
“This is simply a process that allows our company to alleviate debt, access additional capital to run the business during these challenging times, and emerge a stronger company with the ability to better serve you and continue our transformation over the long term,” Raemdonck wrote.
Meanwhile, The Labor Department said Thursday that 3.8 million workers filed for unemployment benefits just last week, bringing the official number to 30 million in just six weeks.
Many experts believe the actual number of unemployed to be far higher.