High-end retailer Neiman Marcus is following other businesses in seeking Chapter 11 bankruptcy production due to the coronavirus.
Company officials made the announcement Thursday, The Associated Press reported.
>> Coronavirus: J. Crew files for bankruptcy as pandemic hammers bottom line
It is the first department store chain to do so but the second retailer this week.
Monday, J. Crew filed for bankruptcy protection, but more are expected as the country starts to reopen, the AP reported.
Neiman Marcus operates 43 stores, 10 of which have reopened since they were forced to close in mid-March, and plans to come out of bankruptcy in the fall.
>> Walmart pays $180 million quarterly bonuses to employees early
The company also operates 22 Last Call and two Bergdorf Goodman stores. It has nearly $5 billion in debt, NBC News reported.
It has been able to get $675 million in financing to get through the reorganization, according to NBC News.