Luxury retailer Neiman Marcus is supposedly assessing going into bankruptcy in the wake of big debt and stores closing due to the ongoing COVID-19 pandemic.

It is reportedly talking with lenders, according to a New York Post report, about a strategy that would keep it in business while slicing debt, which totals about $4.3 billion, and reducing costs.

Neiman Marcus is one of dozens of retailers that have temporarily closed store locations as the U.S. grapples with the expanding coronavirus outbreak, as Retail Customer Experience reported.

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