Photo: Bruce Bennett/Getty Images

Neiman Marcus Group is set to file for bankruptcy as soon as this week, Reuters reports, citing people familiar with the matter.

Why it matters: It would be the first major department store chain to fall victim to the coronavirus economy. Neiman Marcus is also an anchor tenant to many shopping malls that were already struggling before the coronavirus pandemic.

  • Social distancing restrictions have forced the company to temporarily shutter its 43 Neiman Marcus locations, about two dozen Last Call stores and its two Bergdorf Goodman stores.
  • The group has furloughed most of its roughly 14,000 employees. It's also fallen behind on debt payments, having "skipped millions of dollars in debt payments last week, including one that only gave the company a few days to avoid a default," Reuters notes.

What to watch: The company is in the final stages of negotiating a loan totaling hundreds of millions of dollars to continue its operations during bankruptcy proceedings, according to Reuters.

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Ben Geman, author of Generate
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Reproduced from a Brookings Institution report; Chart: Axios Visuals

A just-published Brookings Institution analysis of U.S. cities' pledges to cut carbon emissions reveals very mixed results.

Why it matters: The potential — and limits — of city and state initiatives have gotten more attention amid President Trump's scuttling of Obama-era national policies.

New state unemployment filings fall to 787,000

Photo: Joe Raedle/Getty Images

First-time applications for unemployment fell last week, according to Department of Labor data released on Thursday.

Between the lines: The overall number of Americans relying on unemployment also fell to a still-staggering 23 million. But there are continued signs of labor market strain, with more people shifting to an unemployment program designed for the long-term jobless.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: Many U.S. deaths were avoidable — The pandemic is getting worse again.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.