Retail Detail. Neiman Marcus Cuts More Jobs

February 25, 2009 • Fashion


Neiman Marcus, Chicago

Just last month embattled Neiman Marcus eliminated 375 jobs. This week, they brought the hatchet down again laying off another 450 employees in positions from the vice president level on down and is reducing salaries for some personnel.

According to WWD, The majority of the terminations took place Monday and Tuesday as the luxury retailer reduced its workforce by 2% to 15,385, spokeswoman Ginger Reeder said.

The company is also imposing a 2-4% pay reduction on all management and salaried employees. About 3,000 employees will be affected. Sales associates, who typically are paid straight commission, and support staff on hourly wages were not included in the wage cuts.

The layoffs follow a slowdown in sales at Neiman’s that began in September and accelerated as the economic crisis worsened. Last month, the chain’s comparable-store sales slid 24.4%.

Source: WWD

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