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Neiman Marcus is said to be in talks with lenders about filing for bankruptcy, Bloomberg reveals. According to the report, the luxury retailer is currently looking for ways to chip away at its $4.3 billion debt load.

A potential bankruptcy loan would keep Neiman Marcus in business to work on a recovery plan, allowing it to lower amounts borrowed and shut down weaker locations to minimize costs.

The spread of the coronavirus has made it more difficult on the retailer, as stores remain closed and shoppers self-isolate. Struggles to lure customers existed before the pandemic, however, with many opting for other online merchants. The company is reportedly working on a new selling and styling tool intended to aid in remote purchasing.

Bloomberg points out that Neiman Marcus restructured a deal with its creditors last year, but debt continues to weigh on the retailer. At the end of the holiday season, the company reportedly had $524 million of outstanding borrowings drawn on a $900 million revolving credit facility.

For more on Neiman Marcus's possible bankruptcy filing, read Bloomberg's report here.

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