The Neiman Marcus Group is starting to cut back on staff as it prepares to emerge from Chapter 11 bankruptcy protection.
The luxury retailer, which has some 12,000 employees, has started a “substantial” reduction of its workforce, WWD reported, with selling and non-selling employees at Neiman Marcus and Bergdorf Goodman stores being let go. In addition, restaurant and bar staff at the stores will be pared down, though many are expected to be rehired as the restaurants and bars reopen.
“This change is substantial and incredibly difficult, but we must ensure we have the right structure and right size team in place that matches our reduced financial forecast,” Geoffroy van Raemdonck, Neiman Marcus CEO wrote in a letter to vendors, a copy of which was obtained by WWD. “We are continuing to evaluate every part of our business to ensure we are positioned for long-term success. Through our ongoing evaluation of the business, we have identified areas within our organization that need to be further streamlined.”
To read the full WWD story, click here.