Dive Brief:
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Neiman Marcus Group has eliminated an unspecified number of corporate roles, which affects less than 1% of its workforce, the department store company said by email last week. A spokesperson declined to say how many people are affected.
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The layoffs are part of a strategic realignment announced in February, the company also said. At that time about 500 people, or about 5% of its workforce, lost their jobs.
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The latest move boosts “cross functional collaboration,” which created the redundancies, according to the company’s statement last week.
Dive Insight:
Little is known about Neiman Marcus’ performance in the last three years because, since emerging from bankruptcy as a private company in 2020, it hasn’t had to release financial details. However, following a leak of the company’s Q3 results indicating excess inventory and squeezed margins, a spokesperson in June said the company’s goals remain on track.
The latest downsizing flows from the effort announced earlier this year “to prioritize areas of the business that fuel customer growth, and our investments in key capabilities in supply chain, technology and store renovations,” per the company’s statement Friday.
“As we continue to invest in these critical areas, we have adjusted the team structure to best support our objectives and customer-centric, integrated retail model,” the spokesperson said.
Shortly after its bankruptcy concluded, Neiman Marcus, which also runs New York-based Bergdorf Goodman, in 2021 commenced a digital revamp to boost its e-commerce. However, the company dismissed the idea of separating its e-commerce and brick-and-mortar operations as HBC-owned Saks Fifth Avenue, Saks Off 5th and Hudson’s Bay Co. had done around that time.
