Published On: Mon, Oct 5th, 2015

Neiman Marcus cuts 500 jobs ahead of $100 million IPO

The luxury retailer chain is the owner of Bergdorf Goodman

Neiman Marcus CEO Karen Katz
Dallas-based chain Neiman Marcus laid off 500 corporate and support staff on Thursday, the company said.

The move comes just two months after the Luxury retailer, which has a significant amount of debt: $4.7 billion, filed for an IPO to raise $100 million.

Neiman which also owns Bergdorf Goodman, is owned by TPG Capital and Warburg Pincus.

The layoffs are part of “an initiative called Organization for Growth, ” the company said, “the goal of which is to improve the ways we run our business and to accelerate investments…that drive growth.”

Neiman earned a profit of $14.9 million in the year ended Aug. 1 against a loss of $147 million a year ago. Revenue gained 5.3 percent, to $5.1 billion, although same-store sales gains of 3.9 percent in the most recent year were the worst in five years, Market Watch reports.

In-depth analytic by Walter Loeb [Forbes] Mr. Loeb said that Neiman Marcus tradition continues under the leadership of Karen Katz, the company’s current CEO. “She is leader of a company that now does over $5 billion in sales.” He added, “The company is focusing on e-commerce, which now accounts for 26% of consolidated revenues. That is an amazing figure.”

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