Reports: Neiman Marcus CEO to step down; replacement selected
Karen Katz, chief executive of Neiman Marcus Group, will step aside as the luxury retailer continues to struggle under a heavy debt load, sluggish sales and the challenges of the rapidly evolving retail marketplace.
The story was first reported by The Wall Street Journal, and was subsequently picked up and expanded upon by numerous other media outlets. Katz, a 20-year plus Neiman Marcus veteran, has served as CEO of the company since 2010. She will keep her seat on the board, according to the Journal, which also reported that her replacement (an outsider) has been selected.
Neiman Marcus is burdened with roughly $4.4 billion in long-term net debt, the result of two leveraged buyouts. The luxury retailer had explored the idea of being acquired by Hudson’s Bay Company, which also has a big debt load, but the deal never came together.
The story was first reported by The Wall Street Journal, and was subsequently picked up and expanded upon by numerous other media outlets. Katz, a 20-year plus Neiman Marcus veteran, has served as CEO of the company since 2010. She will keep her seat on the board, according to the Journal, which also reported that her replacement (an outsider) has been selected.
Neiman Marcus is burdened with roughly $4.4 billion in long-term net debt, the result of two leveraged buyouts. The luxury retailer had explored the idea of being acquired by Hudson’s Bay Company, which also has a big debt load, but the deal never came together.