Neiman Marcus, the luxury department store chain, saddled with debt and hit by the coronavirus pandemic filed for bankruptcy on May 7. They filed for bankruptcy with a deal to hand its business over to its creditors. The luxury retailer had been struggling with competition from online rivals & declining cash much before the COVID-19 outbreak. The health crises just added to its problems, forcing it to furlough most of its 14,000 workers and close its 43 Neiman Marcus stores. “Like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business,” CEO Geoffroy van Raemdonck said in a statement. Neiman Marcus is now the second major retailer to file for bankruptcy following clothing apparel company J.Crew which filed for bankruptcy on May 4.