Neiman Marcus is exiting its bankruptcy with a smaller workforce.
Significant staff cuts at both its Neiman Marcus and Bergdorf Goodman stores have started this week. The company wouldn’t say how many people are permanently losing jobs.
“We plan to separate from selling and nonselling associates,” the Dallas-based luxury retailer said in an emailed statement. “These are difficult decisions we must make at this time, and we are so grateful for our dedicated stores associates.”
The company was able to shed $4 billion in burdensome debt as a result of its bankruptcy reorganization, but the pandemic left it a smaller business. It’s going to take a couple of years for sales to recover to its pre-pandemic level of almost $5 billion a year.
Before it filed for bankruptcy in May, Neiman Marcus had more than 14,000 employees. That’s dropped by at least a couple of thousand as the company closed