What: Neiman Marcus Group is reviewing its structure and organization to boost profitability.

Why it is important: Although the Covid-19 pandemic has forced organizations to radically reinvent themselves, for some the job is not entirely done and they still need to dynamically adapt to constantly changing conditions.

Neiman Marcus Group has made unspecified cuts to its corporate roles, impacting less than 1% of its workforce. This move is part of a strategic realignment announced in February, with the company aiming to boost cross-functional collaboration, which has led to redundancies.

This comes after the company's bankruptcy in 2020 and its subsequent efforts to revamp its e-commerce and brick-and-mortar operations.

While the exact financial performance of Neiman Marcus over the past three years remains unclear due to it being a private company, the recent downsizing is aimed at supporting its customer-centric retail model and key capabilities in areas like supply chain, technology, and store renovations.

Neiman Marcus cuts staff and favors cross—functional collaboration