Neiman Marcus eliminates 375 jobs
Neiman Marcus Inc. cut approximately 375 jobs earlier this week, or less than 3% of its work force, according to a company spokesperson.
The cuts took place across all levels of the business and across all businesses, said spokesperson Ginger Reeder.
Neiman Marcus “has been in the midst of a companywide review of processes and efficiencies,” the completion of which was hastened by the downturn in the economy, she said. Approximately half of the cuts are the result of a reorganization of the multichannel merchant's retail beauty business.
Earlier this month, Neiman Marcus reported that revenues totaled $532 million for the five weeks ended January 3, a 26.4% decrease over the prior year. Comparable revenues at Neiman Marcus Direct decreased 9.2% during the same period.