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It’s not a secret that since the coronavirus crisis hit, non-essential storefronts in the fashion and beauty industry have closed down, relying on online sales to keep them afloat. But how long in this rocky economy can these companies make it, especially those that focus on luxury brands?

Well, according to Reuters, Neiman Marcus may be the first to wave the white flag and is planning to file for bankruptcy later this week. Since the pandemic hit, the Dallas-based clothing company has closed nearly all of its 43 stores and furloughed most of its roughly 14,000 employees, Reuters noted.

An anonymous source told the publication that the company “skipped out” on paying millions of dollars of debt last week while they owe nearly $5 billion dollars overall, hence filing a chapter 11 may be their only hope. (Yes, $5 billion.)

Not surprisingly, not one representative from the company or its owners from private equity firm Ares Management Corp and Canada Pension Plan Investment Board (CPPIB) responded to any interview requests.

In the meantime, folks had thoughts about this news, ranging from their disbelief that the luxury store was this much in debt to shoppers hoping the company unloads their pricey merchandise into discount stores to questions as to perhaps it’s finally time to do away with these unaffordable overpriced stores that cater to the one percent.

Sadly, this may be just the tip of the iceberg.

While Neiman Marcus is the first to reach this dire financial point, Reuters suggests that others such as Macy’s and Nordstrom are working on a new finance plan and that the beloved J.C. Penney is considering a bankruptcy filing as well. None of this should come as a surprise, given that nearly 22 million Americans have filed for unemployment since the crisis hit here in the U.S. With massive layoffs and salary cuts, spending your coins on clothes, makeup and skincare seems more like a frivolous luxury when rent and other essential bills are looming over our heads.

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