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Neiman Marcus Cuts More Jobs
Luxury retailer Neiman Marcus has eliminated between 131 and 135 jobs. These layoffs, representing approximately 1-2% of the Neiman-Marcus workforce, follow 375 corporate and store positions cut by the retailer in January.
According to the Charlotte Business Journal, Neiman Marcus is eliminating 31 positions as part of a marketing, advertising, production, creative services reorganization...
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Troubles Continue for Circuit City
Bankrupt consumer electronics retailer Circuit City, who recently closed all 567 U.S. stores about three weeks ahead of schedule, now faces a class-action lawsuit over payments to some laid-off employees.
According to the Richmond Times-Dispatch, the lawsuit claims Circuit City is violating federal law by not giving enough notice or pay to some of its laid-off workers. Under the federal WARN...
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McDonald’s Denies HSUS Accusations
In what has been a busy week in its pursuit of animal cruelty allegations against retailers, The Humane Society of the United States (HSUS) yesterday announced McDonald’s shareholders will soon receive proxies asking them to vote on its resolution urging the fast-food chain to start switching to cage-free eggs. An HSUS representative will present the resolution at the company’s May 2009...
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January Same-Store Sales Bleak, but Some Bright Spots
Some bright spots shone through an otherwise bleak January for US retailers, though the month wasn’t as dismal as some analysts had projected, despite four consecutive months of same-store sales declines.
Same-store sales across the industry declined, on average, 1.8% during the month according a Thomson Reuters survey of 35 retailers. That was the second-biggest behind November’s 2.1% decline,...
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Affluent Consumers Becoming the ‘Stealthy Wealthy’
“If you got it, flaunt it” may once have been the byword for affluent Americans who took pride in showing off their designer labels, taking luxurious vacations, and dining out at exclusive restaurants—but no more.
Because of the global recession, many are experiencing “luxury shame,” and they’re putting extra care into making themselves seem like everybody else—becoming practitioners of...
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Youth Changing Specialty-Retail Competitive Landscape
Although retail sales continue to slump, two specialty stores are almost certain to undergo same-store sales growth over the next two months, even as discount and wholesale stores take sales away from department stores, according to Prosper Technologies, LLC’s ForecastIQ service.
The forecast bodes well for Aeropostale and Buckle, but not for Abercrombie & Fitch and American Eagle, which are...
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Saks Layoffs Hit 1,100 Workers
Luxury department store Saks Inc. is cutting more than a thousand jobs, or roughly 9% of its workforce, a day after rival Neiman Marcus said it would cut 375 jobs, or 2.3% of its workforce, reports the New York Times.
Saks Inc. said late Thursday it would cut 1,100 in-store and corporate support jobs ((in addition to the previously announced reductions related to discontinuation of the Club...
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Neiman Marcus to Cut 375 Jobs, Borrow More to Pay Debt Interest
Upscale retailer Neiman Marcus Group plans conserve cash and reduce costs by issuing more debt to pay interest for some senior notes due in 2015 and by cutting some 375 jobs, reports Reuters, citing a filing with the US Securities and Exchange Commission.
Neiman will resort to a “payment in kind” (PIK) option to cover the interest payments due Jan. 15 - April 14.
The move, which likely means...
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Dec. Same-Store Sales Sink, Wal-Mart’s Q4 to Disappoint
In what has been the worst retail holiday season in nearly 40 years, Wal-Mart, the world’s top retail chain, reported that Q4 profits would miss earlier forecasts and December same-store sales were up just 1.7%—less than analyst estimates of 2.8%.
Wal-Mart cut its fiscal fourth-quarter earnings target to 91 cents to 94 cents a share from $1.03 to $1.07 (including December’s $640 million Continue Reading »
Top 40 Online Retail Satisfaction Index: Merry Outlook for Few
Some online retailers will thrive in 2009, while others have an uphill battle ahead, if customer satisfaction with top retail websites during the holiday season is any indication.
Amazon and Netflix continued to delight holiday shoppers online while customer satisfaction with websites for Circuit City, Gap, Home Depot, HSN, Neiman Marcus, and Overstock fell below industry standards, according...
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