Update - 25 September 2020:

Neiman Marcus Group Completes Chapter 11 Process; Emerges with Strengthened Capital Structure

21 September 2020:

The Covid-crisis accelerated the difficulties of Neiman Marcus, who was posting a loss of US $ 31,2m in July 2019, an increase of +56% on the previous year. After having closed  its first NY city store, just opened in 2019, and gone through a bankruptcy process, the iconic Department Stores is planning its comeback based on rebuilding relationships. Relationships with suppliers, first, some of whom lost money in the process. Relationship with customers, either with the existing ones with the digital channels, or the new ones, as Millennials and GenZ are crucial for its future.

Out of bankruptcy, Neiman Marcus plans a comeback

However, Neiman Marcus rebirth comes with casualties as the group announced job cuts among stores associates, both at Neiman Marcus and Bergdorf Goodman stores. The strategy is to become a luxury customer platform, focusing on service, and CEO of the Neiman Marcus Group Geoffroy van Raemdonck said: "As we reorganize, we will separate from a number of selling and non-selling associates. While we are reducing headcount, we are transforming the functions of our store associates and focusing on best-in-class luxury client experiences."

Neiman Marcus Group Reducing Headcount in Stores and Restaurants