Every Assistant GM in smaller stores are gone. Corporate & distribution centers getting hit too. It is going be be ugly.
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Please lay me off Neiman Marcus is the worst company ever. Cheap Cheap cheap
Please lay me off Neiman Marcus is the worst company ever. Cheap Cheap cheap
NM...the poor mans Barney's now..
The holidays are right around the corner! Take a look at Nordstrom stores near you! I'm sure Nordstrom would love to have great talents!
Nordstrom is looking for great talent! Beautiful company to work for.
Nordstrom is hiring! Solid company! Apply at careers.nordstrom.com
The Beverly Hills Neiman Marcus lost several employees who have worked for the company 20, 30, and even 35+ years. A very sad and tragic day for the store.
Am sorry.... To all who lost their jobs
The company is poorly run by unethical Karen Katz.. I amateur to all who lost their jobs... the company has major legal issues unfolding... they also expanded their board... it's covered on a blog on facebook Neiman Marcus sucks.. It won't be profitable next year either after two huge legal cases settle..
If NMG doesn't do well this holiday season, they'll trim more people. They may be more lay-offs. It only makes sense to do this since they want so desperately to make their EBITDA look nicer for an IPO. Employees are dead weight on the expense/bottom line. Management will get hit the worse. Sales people will sustain since they are on commission. Will NMG do well this holiday season - that's hard to tell. But don't forget to look at the latest poor performance of the Chinese stock exchange where many wealthy Chinese have lost a lot of money. These are the types of people who acquire luxury goods overseas. Just Google to read more about the Chinese stock performance, loss of money for many wealthy Chinese and the effect on global luxury goods.
To Anonymous170484 who said "Very sad but true. Many employees lost their jobs today. Over 500 from what I hear. Unfortunately, I am one of them. Hard to understand a retailer that would release loyal employees yet continue to do multimillion dollar renovations and open more new stores."
As an employee, you are totally expendable. No matter how many years you've been there, you're a liability to their bottom line. You're an expense item to get rid of to look better for an IPO. They are opening new stores because they need new markets to sustain as most of the stores NMG has are not good performing stores. Foot traffic is dreadful in most NMG stores. It's a gamble for NMG to open new stores. They'll incur more debt by opening stores, and hope they can use borrowed money to make new money. Unfortunately while many good people lost their jobs, the fat cats at the downtown corporate Dallas office will still keep their jobs, lean back and enjoy life as they always have.
Middle managers (Directors) are told to trim expenses all the time. So much that some work done by employees on expense is transferred over to the capital column so that it looks better on the books. On the corporate side, there's really not much more expense items to cut any more, so the natural next step would be to cut head count and make the people do even more work. NMG's announcement to go IPO is not good news for the employees. None of the lower level/middle management employees have any stock options or equity to gain anything from an IPO. Most corporate employees have no bonus paid to them, not even at the Director level. Morale is an at all-time low and this mass layoff will only kill whatever morale that is left. There's still plenty of work to do be - so they'll hire contractors instead of employees. Using contractors look better on the books for them as they capitalize contract labor. It will be interesting to see how NMG can sustain on the public markets with the amount debt they have, limited market segment and a very competitive market place. It is annual review season right now at NMG, I'm sure they'll use the review season as a method to get rid of some more people. No doubt there are a lot of poor performers who should be canned but there'll be a lot of good people who may not be favorites with their managers who will get the hit.
It's all about the IPO they announced. Wall Street Wants to see them cutting costs. Top senior execs made millions when they went private, then again when they were sold, now again when they try to get sold again to pay off the debt. A few top people lost jobs today but mostly management....people that are on salary FYI. Sales people were safe because they are hourly and on commission. And many of them are part time. Less benefits. As an aside, you should know that the top top leadership at NM is totally liberal Dem Obama supporters. Big time. Ironic, huh?
Very sad but true. Many employees lost their jobs today. Over 500 from what I hear. Unfortunately, I am one of them. Hard to understand a retailer that would release loyal employees yet continue to do multimillion dollar renovations and open more new stores.
True! And they bumped smaller volume AGMs into larger stores and eliminated those with less seniority.
Bloomingdale's is still hiring! If you lost your job today, look at the Bloomingdale'sjobs link before they're snatched up by your coworkers!
It is true,, I was one of them and I know there are many others in many locations.
Also the remaining Credit/Customer Service Managers. 16 1/2 years down the drain :(
They got me too..... sad so sad, used to be a great company until it went corporate, its just like all the rest now. Not a very noteworthy or elite company anymore, just money hungry,
Troy MI has cut the visual manager, dresses/coats manager, PR assistant, 1 engineer, 1 customer service rep. More to come possible. Very sad.
Confirmed, many layoffs in the Irving Dist center. Don't known an exact number but we should know soon. Karen Katz is set to send out a company wide e-mail later in the day.
It's true, I was one of them!
St. Louis lost 8 positions, including asst GM, LP mgr, Gift Galleris mgr, visual mgr (hourly visual role now), 2 clerical, 1 engineering and 1 alterations. Terrible loss. :(
It's true I know someone who was just laid off an hours ago.
Unfortunately it is true...
Its true, the company is in big financial trouble, how can you have 4.5b in debt on a 5.0b company, poor management