No coincidence they needed to make the right "numbers" before the IPOD and the company goes public again. Executives will each make millions as 500 dedicated workers were let go so that the company can "improve how they run their business" and have future growth. Mr Stanley Marcus took pride in the people who worked for the company and value in how they were treated. He understood the importance of customers and employees and knew they were what made the business successful. Word of mouth has real value. How is eliminating every Loss Prevention Manager and the two most senior and professional LP Directors taking care of the customers? All the store employees are at risk and unprotected as well. The entire LP dept. is gone! One thing for certain in society today is crime is getting worse. NM eliminated those who are suppose to protect the customers who's credit card accounts were already compromised. Crime never goes away. Continued smash and grabs. Fraud. Theft. Looking out for the customer. Monitoring massive camera systems can't be done with nobody to watch. Protecting profits can't be done with out someone to watch and protect. With no trained staff inventory will shrink. Just wait until the professional shoplifters spread the word NM fired the entire loss prevention management staff in every store. All so Millions can be made before the woman who is running the company cashes out on the IPO and retires shortly after. The entire time 500 ex employees figure out how to house and feed their families!!!!
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I cover the company on a blog . they are only opening two new full line stores in the next 3 years and stopped opening last calls. they are so in debt that its just a mess from all angles under Karen katz... Nordstrom also has taken away some of their thunder in certain ways I wont elaborate on .. imagine an upscale store where they want you to shop rather than look down on you.. debt is 4.55 billion on 5.1 billion in sales....Karen katz may be forced out by spring ... the company perjured itself in congressional testimony
Agreed. This was a decision fueled by greed. Expanding into niche markets and opening new stores that will essentially remain tombs with zero foot traffic. Throwing dedicated employees under the bus, some of whom have been with the company over 20 years!! They'll have to staff all these new stores but will pay new employees 10x less than seasoned employees that were laid off. Cement trucks, marble tile and pink slips a flyin'!