Illustration: Sarah Grillo/Axios

Neiman Marcus is in talks with lenders about filing for Chapter 11 bankruptcy, per Bloomberg. The Dallas-based luxury retailer is struggling under the weight of $4.3 billion in debt, related to its 2013 takeover by Ares Management and Canada Pension Plan Investment Board.

Why it matters: Neiman Marcus is an anchor tenant to many shopping malls that were already struggling before the coronavirus pandemic.

The bottom line:

"Neiman Marcus temporarily closed its stores last week in response to the health crisis. It manages 43 namesake stores across the U.S., two Bergdorf Goodman stores in Manhattan, 24 Last Call locations and one Mytheresa in Germany. Like other retailers, Neiman Marcus is bracing for a slump tied to the closures. The company said it will continue to serve its customers through online channels, including a new selling and styling tool designed to help remote purchasing."
Gillian Tan & Katherine Doherty, Bloomberg

Go deeper: Retailers are guzzling data just like tech giants

Go deeper

39 mins ago - Sports

Alumni fight to save college sports

Data: Mat Talk Online; Chart: Andrew Witherspoon/Axios

242 collegiate athletic programs have been cut amid the pandemic, altering the careers and lives of thousands of student-athletes.

Yes, but: Some passionate alumni groups have opted to fight, banding together in hopes of saving the programs they helped build and continue to love.

53 mins ago - World

The U.S.-China trade war quietly escalates

Photo Illustration: Sarah Grillo/Axios. Photos: Alex Wong/Getty Images and Lintao Zhang/Getty Images

Lost amid headlines about the coronavirus pandemic and the seemingly unstoppable stock market rally, has been the monthslong escalation of tensions in the U.S.-China trade war —  and it's likely here to stay.

Why it matters: The tariffs continue to impress a sizable tax on U.S. companies and consumers, adding additional costs and red tape for small businesses, farmers, manufacturers and households trying to stay afloat amid the pandemic.

Facebook to label posts about voting from presidential candidates

Illustration: Sarah Grillo/Axios

Facebook announced Thursday that it will add labels to all posts from presidential candidates and federally-elected officials that mention voting or ballots, regardless of whether they contain misinformation.

Why it matters: It's the tech giant's response to scrutiny that it doesn't do enough to tackle voter suppression on its platform. Earlier this year, Facebook — unlike Twitter — did not take action against posts from President Trump that included false information about mail-in voting.