Like so many retailers, the privately held department stores are attempting to shore up their finances amid the COVID-19 pandemic.
What happened
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Neiman Marcus Group on Tuesday said it is extending the temporary closure of all stores to "at least April 30" and at the same time is furloughing workers and cutting executive pay.
CEO Geoffroy van Raemdonck is forgoing his salary entirely, and those reporting to him are waiving "a significant amount of their salary," according to a statement from him emailed to Retail Dive.
Southern retailer Belk is similarly keeping stores shut and temporarily furloughing "certain store and home office associates," who will continue to receive health benefits. Those still working will take a pay cut, with the most senior taking "reductions up to 50%," according to an emailed statement. The department store has also established a fund to provide one-time grants to Belk employees in need.
This news brief is based on reporting published by Retail Dive on 2020-04-01. The original report is linked below.
Retail Dive
https://www.retaildive.com/news/neiman-marcus-belk-furlough-workers-and-extend-store-closures/575270/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
