Neiman Marcus says it will introduce furloughs and temporary pay cuts, the latest retailer to deploy cost-saving measures during the coronavirus pandemic.
In a statement, Neiman Marcus Group CEO Geoffroy van Raemdonck said the company will extend the closures of its stores until April 30, and possibly longer, to help curb the spread of COVID-19.
Van Raemdonck also said he plans to waive all his salary, and other executives will waive a “significant amount” of their salaries.
“While these are the most difficult decisions to make, our focus is on ensuring our business is protected over the long-term so we can continue serving our associates and customers,” said van Raemdonck in a statement.
Neiman Marcus has approximately 14,000 employees.
On Monday, Macy’s said it planned to furlough a “majority” of its 125,000 employees as its stores remain closed due to the coronavirus crisis. Kohl’s said it also plans to keep stores shut down and furlough employees.
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