By April, department store retailers JCPenney, Nordstrom, Macy's and Kohl's had lost $12.3 billion combined in market caps. Neiman Marcus and JCPenney defaulted on bond payments in April, preparing internally for bankruptcy court and bankruptcy protection.[74] J.Crew and Neiman Marcus filed for bankruptcy during the first week of May; they were reportedly the first two major retailers to do so during the pandemic.[75][76] JCPenney filed for bankruptcy on 15 May.[77]