JUNE 4, 2022 — 53 LAYOFFS IN NATICK, MASSACHUSETTS
The company is closing its two-story store at the Natick Mall in Natick, Massachusetts, and laying off 53 employees between July 23, 2022, and September 14, 2022. The property will be redeveloped into laboratory and office space.
MAY 7, 2020 — CHAPTER 11 BANKRUPTCY FILED
According to a company spokesperson, “Prior to COVID-19, Neiman Marcus Group was making solid progress on our journey to long-term profitable and sustainable growth/ However, like most businesses today, we are facing unprecedented disruption caused by the COVID-19 pandemic, which has placed inexorable pressure on our business.”
APRIL 20, 2020 — MOVING CLOSER TO BANKRUPTCY. FILING IMMINENT.
After furloughing 14,000 employees and shutting 43 stores as a response to the COVID-19 pandemic, the company is finalizing interim financing before declaring bankruptcy.
MARCH 25, 2020 — NEIMAN MARCUS EXECUTIVES CONFRONTED WITH QUESTIONS ABOUT BANKRUPTCY
It appears that Bloomberg News is suggesting that bankruptcy may be imminent.
According to a company spokesperson. “Most businesses today are facing some degree of disruption from the unprecedented global economic environment resulting from the COVID-19 pandemic. We are evaluating all courses of action to preserve our financial strength so that we may continue serving our customers and associates and being a great partner to luxury brands globally. Our priority has been and will always be to ensure stability for our associates and brand partners.”
MARCH 24, 2020 — Original post…
Dallas, Texas-based Neiman Marcus, the iconic luxury retailer, and mail-order merchant, has announced a major restructuring that will see major store closures, divestments, and a reduction in force. The company’s Last Call discount outlets will be closed with the exception of a few that will be used for clearance merchandise. The company will divest two Texas distribution centers in Longview and Irving, Texas, and deploy the capital to grow the company’s businesses. But most troubling with be the company’s combination retail, mail-order, and online businesses which will impact approximately 750 employees as the staff is combined and redundancies are eliminated. An estimated 500 layoffs will come from the closed stores and an estimated 250 layoffs will involve management and non-selling support staff.
According to CEO Geoffroy van Raemdonck, “The retailer’s actions aren’t a reaction to outside forces, but have been in the works for some time and are part of the company’s transformation efforts. This is all very deliberate and pre-coronavirus. We are focusing our resources on where the profits are: in full-price selling.”
While the company restructured some of its almost $5 billion in debt in 2019, with the largest portion due in 2023, at least some of the $137.3 million of existing bonds come due in October 2020, with the remainder due in 2021.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
