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Neiman Marcus Profits Plummet

6/10/2009 11:04AM by Bee-Shyuan Chang

More cutbacks at Neiman Marcus. Getty Images

Ouch! In another recession hit, WWD reported that Neiman Marcus posted a 23.7% decline in revenues for the third-quarter. In other words, the company lost $3.1 million dollars compared to income of $55.4 million in the same quarter last year.

This explains why, according to WWD, the high-end department store is cutting back the hours at half of its retail locations.

Some of the stores, including outposts in Plano, T.X. and Short Hills, N.J., will be closing one hour earlier (at 8 P.M.) Monday through Friday. While the hours at the "marquee units," such as the Dallas flagship and Beverly Hills Wilshire Boulevard store, will not change. Shop accordingly.

An hour less here or there may mean we can't run late weeknight "errands," but it sure beats more layoffs!

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