Neiman Marcus Cuts 375 Jobs

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Dallas Neiman Marcus Group said Tuesday that it is cutting about 375 jobs, equating to almost 3% of its work force.

The cuts, which took place Monday and Tuesday, were across all divisions and at all job levels, according to Neiman Marcus spokeswoman Ginger Reeder.

Neiman Marcus will be offering severance packages, but Reeder did not provide details about the packages or any potential charges related to the packages that the company might incur.

On Monday, Moody's Investors Service said it may lower Neiman Marcus's credit ratings due to its December same-store sales decline.

Last week, the retailer said its same-store sales dropped 27.5% in December, as even high-end consumers pulled back sharply on holiday spending. A shift in fiscal 2009 reporting periods also dragged down monthly results, the company said.