Neiman Marcus to Lay Off 375 Employees

Neiman Marcus to Lay Off 375 Employees
January 14, 2009

Dallas-based The Neiman Marcus Group Inc. will lay off 375 employees, or 3 percent of its workforce, across all divisions, according to Wsj.com. A company spokeswoman said the reduction is the result of an efficiency review that started several months ago. The department store said in a recent regulatory filing that it will make interest payments for some senior notes by issuing more debt instead of paying cash. Burt Tansky, CEO of Neiman Marcus, said the luxury goods market has changed dramatically in the last several months, leaving Neiman and other retailers in a transition period. The last time Neiman Marcus had layoffs was in 1990. But, like other high-end retailers, Neiman’s has been hit hard by the financial crisis, especially its impact on affluent consumers. Comparable-store sales fell 27.5 percent in December 2008.

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