Neiman Marcus is in BAD shape. According to this Dallas news report the company will be laying off 225 and reevaluating the future of their discount imprint ‘Last Call’.
Neiman Marcus said Wednesday that a reorganization of its business to reflect changing customer shopping habits will include a reduction of its workforce. The Dallas-based retailer also said it’s assessing its Last Call outlet division.
The Dallas-based retailer, struggling with almost $5 billion in leveraged buyout debt, said it will cut 225 employees, including less than 20 in Dallas.
Neiman Marcus said it’s committed to being “a leader in high-end luxury retail” and is streamlining its operations to match its focus to provide a personalized shopping experience driven by digital performance and analytics.
“To better align our operations and team with our business strategy, we regularly evaluate all aspects of our business to determine when and where changes make the most sense for our customers and our company,” Neiman Marcus said in a prepared statement after it was asked about staff cuts. The company considered an initial public offering and a sale in the last year but said last month that it has decided to end conversations regarding a partial or full sale of the company.
Employees across all brands and operating divisions were told that their jobs were eliminated this afternoon and will receive severance packages, the company said. They will also be considered for other job openings in the company.
The job cuts don’t include the recent closing of three Last Call stores — at Allen Premium Outlets on July 14 and two others earlier this year at Colorado Mills in Lakewood, Colo., and Legacy Place in Dedham, Mass. Last Call now has 37 stores but could see more closings.