DALLAS — Neiman Marcus plans to furlough a majority of its 14,000 employees or temporarily cut employee salaries, CEO Geoffroy van Raemdonck said in a statement.
The Dallas-based luxury retailer has also extended the temporary closure of all of its stores until at least April 30 as a result of the COVID-19 pandemic, van Raemdonck stated. The closure will be “likely longer” to protect its customers and associates, according to the statement.
"We will reassess whether the store closures and corresponding furlough will continue beyond April 30th as the date approaches," van Raemdonck said.
Van Raemdonck said that he decided to waive 100 percent of his salary, and his direct reports waived a significant amount of their salaries as well during the temporary furlough.
“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,” he said.
The national retailer initially announced March 18 that it would temporarily close all stores underneath its umbrella, including Bergdorf Goodman and Last Call locations.
Neiman Marcus' announcement comes at a time in which other North Texas-based retailers have announced temporary store closures, furloughs and pay cuts amid the coronavirus pandemic. Michaels, Sally Beauty Holdings and Tuesday Morning, for example, have all announced either temporary store closures, furloughs or pay cuts.
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