Neiman Marcus is cutting 500 corporate and support jobs in an effort to free up money for growth initiatives amid preparations for its IPO.
The cuts, first reported by the Dallas Morning News and confirmed by a Neiman spokeswoman, include 157 jobs in Dallas, the hometown of Neiman Marcus, which recently filed for an IPO. None of the cuts involve sales staff, CEO Karen Katz told the Dallas Morning News. The job eliminations amount to about 3% of Neiman’s total workforce of 16,000 employees.
Last week, Neiman reported comparable sales for its most recent full year grew 3.9% and that online sales had risen to 26.3% of sales
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