Neiman Marcus Cutting Jobs As Part Of Reorganization

By Tonya Garcia Markets MarketWatch Pulse

The Neiman Marcus Group is cutting and reorganizing about 225 positions, the company confirmed with MarketWatch. Employees impacted by the streamlining effort have been offered severance packages and will be considered for other jobs within the company. "To better align our operations and team with our business strategy, we regularly evaluate all aspects of our business to determine when and where changes make the most sense for our customers and our company," a Neiman Marcus spokesperson said in a statement. Last month, Neiman Marcus confirmed that talks with Saks Fifth Avenue parent Hudson's Bay Co. had stalled, and talks of a full or partial sale of the company had ended. The SPDR S&P Retail ETF is up 1.3% in Thursday trading, but down 6.2% for the year to date. The S&P 500 index is up 10.3% for 2017 so far.

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