Bankrupt Neiman Marcus Another COVID-19 CasualtyMay 8, 2020 – Media Mention
Brian Davidoff, partner and chair of Greenberg Glusker's Bankruptcy, Reorganization & Capital Recovery practice, was interviewed by WWD for his insights into the Neiman Marcus bankruptcy.
That may be particularly so for the retail industry, where the struggles of physical stores precede the COVID-19 pandemic, said Brian Davidoff, who chairs the bankruptcy, reorganization and capital recovery practice at Greenberg Glusker Fields Claman & Machtinger LLP. Davidoff is not involved in the Neiman’s bankruptcy and commented generally.
“I think that the real question for Neiman Marcus that so many highly leveraged companies are facing in the retail world, is that even though they’re going into bankruptcy with the intention of reorganizing and reopening, whether that turns out to be viable,” he said. “We’ve seen even prior to the COVID-19 outbreak, where retailers undertook that effort and ended up liquidating. So even if Neiman’s can restructure its balance sheet, and reduce its store count, are they going to have enough cash flow to service their remaining debt and overhead?”
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