Neiman Marcus Announces More Job Cuts

High end Dallas retailer cutting 375 jobs because of tough economy.

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    NEWSLETTERS

    TK
    Neiman Marcus will cut 375 jobs from its workforce.

    Neiman Marcus Group said Tuesday that it's cutting about 375 jobs, or nearly 3 percent of its work force.

    A spokeswoman for the Dallas-based luxury retailer said the layoffs come as the privately held company tries to deal with the challenging economic environment. She said the group is looking for ways to ensure it is operating efficiently.

    She said the cuts that came Monday and Tuesday are across all divisions and at all job levels. Neiman Marcus will be offering severance packages, but no details have been revealed.

    The retailer is cutting 100 positions in North Texas.

    Retailers across the industry have suffered as consumers cut back spending amid an economic recession, mounting job losses and a prolonged housing slump.

    On Monday, Moody's Investors Service said it may lower Neiman Marcus's credit ratings because of its December same-store sales decline.

    Last week, the retailer said its same-store sales dropped 27.5 percent in December as even high-end consumers pulled back sharply on holiday spending. A shift in fiscal 2009 reporting periods also dragged down monthly results, the company said.

    Neiman Marcus runs 40 Neiman Marcus stores, two Bergdorf Goodman stores and 21 clearance centers. The company also operates both catalog and online retail businesses.