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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.

Go deeper

Updated 4 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 5 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.