What: Neiman Marcus Group is laying off hundreds of workers and evolving its leadership structure.

Why it is important: The department store group follows several other retailers in laying off its workforce as retailers look to recalibrate and manage costs to be in line with softening revenues.

The Neiman Marcus Group is laying off under 5% of its workforce, including workers in corporate stores, and other areas of the business.

The CEO of the group stated that the cutbacks are a result of the volatile economic climate, a deceleration of business since the summer, and decisions on how to best focus resources on the highest value customers.

Neiman’s is also evolving its leadership structure by shifting technology and customer insight responsibilities to NMG’s two brand presidents, strengthening their current roles and capitalizing on execution and decision speed as they are critical in a moment of volatility.

Neiman Marcus Group sets layoffs, reorganizes management