Neiman Marcus to furlough nearly 14,000 workers amid virus crisis

Reuters API
Mar 31, 2020
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Luxury retailer Neiman Marcus said on Monday it would furlough most of its about 14,000 workers, as the coronavirus crisis forced it to close all stores till the end of April.

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Employees not impacted by the furloughs will also take pay cuts in April, with Chief Executive Officer Geoffroy van Raemdonck forgoing his salary for the month, Raemdonck said in a statement.

Top U.S. retailers, including Macy's Inc , Kohl's Corp and Gap Inc , also announced mass furloughs on Monday and said they will also keep stores closed in April as coronavirus cases in the country reached nearly 141,000.

"We will reassess whether the store closures and corresponding furlough will continue beyond April 30th as the date approaches," Raemdonck said.

The company was earlier reported to be in bankruptcy talks with its lenders as it struggled to ease its $4.3 billion debt load.

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