The company is such a disaster 225 more are getting laid off...not a suprise....As they are set to lose 100s of millions more... They call it. "streamlining" ....
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Why Private Equity Creates More Debt Than Jobs. Written in 2012.
https://www.dmagazine.com/publications/d-ceo/2012/november/why-private-equity-creates-more-debt-than-jobs/
Great article....really puts things into perspective on how dire the situation is over there at NM
Link to a related story in retail dive. This one appears a bit more frank.
http://www.retaildive.com/news/neiman-marcus-reportedly-cutting-225-jobs/448012/
"Indeed, even if all interest was frozen and the entirety of operating profit was to be directed to the purpose of paying down the debt, it would take well over 40 years to remove it from the balance sheet," Saunders said in a note emailed to Retail Dive. "Such a position underlines the fragile nature of the company’s finances, something that hits home when the $72 million quarterly interest payments are appreciated. This acts as a major barrier to the company being sold and makes an IPO far less attractive. It also guarantees that without a significant rise in sales, the company will remain loss-making."
Neiman Marcus is in hospice now. The leaders running this into the ground are still running it into the ground. They don't have anything to offer anymore. It's still my grandma's store.
Seems like they are subtly saying they will eventually phase out the last call brand. Probably won't matter, debt is too large, this just prolongs the inevitable
yes they are dragging this out ...Neiman marcus s---s on facebook just started new series... the disintegration of neiman marcus. the company has been in decay for years...the press just babies them and takes all their excuses while many get the axe ....Meanwhile the top of the company should, instead.... Some really dirty people are in charge of them, and they will lose billions in the long run
Based on the reported consistent and annual YOY layoffs at Neiman Marcus, it appears they need to assess the entire C-Suite and stop dragging this out. I mean ALL of them - Ms. Katz and all her direct reports. A solid and free director of stores in any luxury house would have never let the sales loss happen, but rally the one's who don't think like they do. I believe they missed this boat and they are the captains! Stop using worker layoff's as your strategy to cut costs because of the very poor technology, strategy and execution. Did they think they were retail teflon and untouchable? Way too many excuses from the executives and PR team for "why" all this is happening. Billions in debt and it's clear nothing has changed. Nothing. So they keep laying people off - the one's that have kept it afloat and executed their BAD strategy and direction. Gotta run....Saks is have a big sale on really great items.
Link to the story..
https://www.dallasnews.com/business/retail/2017/07/26/neiman-marcus-reorganize-around-new-shopping-habits-eliminated-jobs-assessing-last-call-division