Owe nothing to anyone, except to love one another; for the one loving the other has fulfilled the Law.
Proverbs 22:7 says, “The rich rules over the poor, And the borrower is servant to the lender.” with these two verses in mind, below’s news headline today.
Neiman Marcus may become the first department store to file for bankruptcy amid the coronavirus pandemic.
According to sources for Reuters, the retailer is preparing to file as soon as this week, after temporarily closing its stores. Neiman Marcus closed 43 of its namesake locations and about two dozen Last Call stores and two Bergdorf Goodman locations.
The company also furloughed a portion of its 14,000 employees.
At the time the company announced the store closures, it said in a statement, “There is nothing we care about more than the safety and well-being of our customers and our associates. We have a rich history of being responsible members of the communities we serve and must do our part to help stop the spread of COVID-19.”
Neiman Marcus is reportedly in the last stages of negotiating loan terms with its creditors for hundreds of millions of dollars. The company also skipped a debt payment last week, which would only give it a few days to avoid default, according to the news outlet.
Neiman Marcus’ loan amount stands about $4.8 billion, according to Standard & Poor’s credit rating report. Some of the debt is from its $6 billion leveraged buyout that occurred in 2013, by its owners, Ares Management Corp. and Canada Pension Plan Investment Board.
In its report, Standard & Poor’s said, “In light of the significant headwinds stemming from the coronavirus pandemic and our expectation for a U.S. recession this year, we believe the company’s prospects for a turnaround are increasingly low. Neiman Marcus completed a restructuring, including a second-lien note offering and a debt exchange that we viewed as distressed, last June but did not reduce its nominal debt level. We continue to view its capital structure as unsustainable.”
Why I brought up this article?
I brought up this article because I wanted you and I to see who we associate with in the world. What drives our decision making? In this case, purchases decisions. Do we know these companies when we attach ourselves to them? Do they share our values? What do they do with their profits? Do they support abortion? Do they advocate homosexuality? Are they themselves pedophilias?
I asked these questions because most people contributed to Harvey Weinstein’s lifestyle via movies he made us all watch-right? Matt Lauer was a go to news man on NBC. We all adored The Huxtable family by Bill Cosby growing up. Do you know anything about Gucci or Ralph Lauren?
Is this too paranoid on my part? Like, is it even possible to know these things? Well, I am gonna leave that question to you. I brought up this article to wake us up.
Now we understand why a $10–Made in China–polyester sweater cost $3,000 at Neiman Marcus. It’s not about the “name.” It’s not about quality or high class. It’s all about easing debt pressure at the same time making profit for their investors. You and I contribute to their sin when we proudly spend God’s blessing to support sin priced at $3,000. Most of things we buy add no value in our lives. It won’t bring us closer to Jesus which is far more worth than anything this world has to offer. Where’s your heart?
In Mark 8:36 Jesus asked, For what does it profit a man to gain the whole world and to lose his soul?
Rethink your priorities. Reshape what real matters in life. Where is your treasure? If I learn anything from these pandemic is that everything I thought had value in the world has been exposed. It helped me prioritize. What have you learned? ❤️