Neiman Marcus to furlough, cut pay for 14K workers

Stock poised to open lower as investors await jobless claims data


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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Follow Brett Molina on Twitter: @brettmolina23.


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