This week we learned in part about bankruptcy law, which applies to companies and individual people....

This week we learned in part about bankruptcy law, which applies to companies and individual people.

Many companies are struggling financially now due to the extreme economic disruptions of COVID-19.

Do a brief Internet search and name one company or organization that is reportedly facing potential

bankruptcy as a result of Corona impacts.

Expert Solution

The coronavirus has pushed Neiman Marcus to the point of bankruptcy, the first major store in the U.S. to topple due to the pandemic.

the company was in talks with lenders about filing for bankruptcy to ease its $4.3 billion in debt. It is also reportedly in the process of securing a loan from creditors for hundreds of millions of dollars to sustain operations throughout the bankruptcy proceedings. Meanwhile, a majority of its 14,000 employees are currently furloughed.

By filing for Chapter 11 bankruptcy protection, Neiman Marcus can remain in business while closing underperforming stores. It’s unclear if there is a plan for after the filing — many businesses that go bankrupt don’t necessarily go away. Vox has reached out to Neiman Marcus for comment.

Analysts dropped the credit rating on Neiman Marcus as “junk” and said the move reflected the “elevated potential” of a debt restructuring.The coronavirus outbreak has pushed the company to the brink. While it has asked some workers back to closed stores to fulfill online orders, these operations cannot make up for lost sales in physical stores.

keosha answered 11 hours ago

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