Partner Steven Wilamowsky was quoted on the effect of the COVID-19 pandemic and the ensuing social distancing measures on the retail industry following news that Neiman Marcus Group Inc. has filed for Chapter 11 bankruptcy. The luxury department store chain is seeking relief from its debt while working out a recovery plan.
Steve said, “Retail chains that were already in trouble before social distancing was even a phrase have been pushed over the edge by the pandemic.”
“Now, although rehabilitation rather than liquidation remains the stated goal, it appears that will be more challenging in the current retail environment,” he added.
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