$5B in debt is an insurmountable amount to pay off, especially when you are losing money quarter after quarter. They can close all the Last Call stores they want; it's only a matter of time.
https://www.wsj.com/articles/neiman-marcus-starts-talks-to-restructure-debt-and-avert-bankruptcy-1540418504
https://www.bizjournals.com/dallas/news/2018/10/25/neiman-marcus-debt-restructuring-bankruptcy.html
Two months ago 5 people were fired from our Beauty department. And two among them were great performers.. We think that they will fired good sale associates who have been working for many years by giving them unreachable selling goals.
They will save money on the 401k, health benefits and vacation times The newbies don't cost as much : no benefits the first three months, no 401k for the first year and one week of vacation only. The downside will be a loss of big loyal customers which will translate as a big loss in sales. SAD.
Last Calls aren't the issue..but are a whipping boy.
Interesting timing. I'm actually surprised mass layoffs have not already occurred. Have you heard these rumors from employees or upper level management? thanks
Massive layoffs and store closures will occur like Sears. This is rumored to happen in the second quarter 2019