Neiman Marcus takes action: Cuts staff, reduces inventory and postpones new store openings in hopes of a turnaround. Photo: Scott Olson/Getty Images
Now, according to WWD, the Dallas-based company has outlined a multi-step plan for recovery that includes, you guessed it, cutbacks on payroll.
Other parts of the plan include reducing inventory and costs (no big surprise there) and postponing store openings.
However, the location opening in Bellevue, WA will debut on schedule in September. Other stores planned include Walnut Creek, CA, in Fall 2011 and Princeton, NJ, in 2013.
Lucky for penny-pinchers, WWD also reports that Neiman Marcus is also toying with a merchandising mix by buying more affordable pieces from the designers the company currently carries. You'll notice some tweaks this Fall, but expect changes to hit full force come Spring 2010.
We're pulling for NM to come back strong as ever!