As Neiman Marcus Navigates Bankruptcy, What Happens To Bergdorf Goodman?
The economic squeeze brought on by the coronavirus pandemic is becoming more like a vise. Retail sales declined 16.4% in April, and the futures of American fashion stalwarts from J.Crew to Victoria’s Secret are in question. Neiman Marcus is the first luxury retail to enter bankruptcy protection; Lord & Taylor and J.C.Penney have also declared bankruptcy, while Nordstrom is insulating itself by closing 16 of its stores and its three Jeffrey boutiques. Speculation about Neiman’s future is growing: Will the company be sold to Hudson’s Bay Co. and merge with Saks Fifth Avenue to make an American retail conglomerate? Will Bergdorf Goodman, now owned by the Neiman Marcus Group, be spun off in a sale to LVMH? Either way, what happens to Bergdorf’s legendary 57th and Fifth Avenue store? The high temples of New York fashion are thinning out: Barneys is gone, as is Jeffrey, as is Opening Ceremony. Can fashion lovers afford to lose Bergdorf Goodman? Can the city? Read more at Vogue.
