By  on April 8, 2009

Neiman Marcus Inc. has cut 131 employees in its third round of layoffs since January.

The reductions on Monday included 31 staffers in marketing, public relations, advertising and creative services as a result of an organizational review that has been going on for almost a year, said spokeswoman Ginger Reeder.

In addition, Neiman’s eliminated 100 sales support positions across the company nationwide.

The Dallas-based chain has laid off 6 percent of its workforce this year — a total of 956 people — as it copes with the drop in spending that began last fall and has hit the luxury sector hard. Saks Fifth Avenue and Barneys New York have also trimmed staff.

In February, the company imposed a 2 to 4 percent pay reduction on all management and salaried employees. About 3,000 employees were affected. Sales associates, who typically are paid straight commission, and support staff on hourly wages were not included in the wage cuts.

Neiman’s reported a net loss of $509.3 million in the second quarter ended Jan. 31 as a result of more than half a billion dollars in writedowns. The retailer posted a 20.9 percent comparable sales decline in February, which followed double-digit declines every month since September.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus