Once it was a Texas Icon, albeit a luxurious one. Neiman Marcus, the store a Sue Ellen Ewing could call home. Now it’s about to file bankruptcy, billions in debt and a victim of coronavirus.
It was founded in 1907 by Herbert Marcus and his sister’s husband A.L Neiman; taking a risk on retail in Dallas, Texas rather than an opportunity to invest in a fledgling company in Atlanta, called Coca Cola.
Well, some say that was a bad business decision, but Neiman Marcus flourished over its 100 years as a Texas legend. As its business evolved, so did its ownership, though Stanley Marcus served as president and chairman of the board. He died in 2002. But the name was retained. Neiman Marcus Group, which also owns Bergdorf Goodman, is still headquartered in Dallas. But it’s privately owned by Ares Management of California and the Toronto-based Canada Pension Plan Investment Board.
Stress the WAS in Texas Icon.