Community Chat

[wilma]

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@esmerelda wrote:

This mess can't be helpful to any retailers. At the end we'll have Walmart and amazon. 

Bye bye independent retailers. 

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@esmerelda 

I truly hope you’re wrong, and some other retailers survive. 

[Marp]

Nieman can blame the pandemic all they want but they were in serious trouble well before the shut down.

Excerpt from:  businesswire.com/news/home/20190611005270/en/Neiman-Marcus-Group-LLC-Reports-Quarter-Results

June 11, 2019 09:30 AM Eastern Daylight Time

DALLAS--(BUSINESS WIRE)--Neiman Marcus Group LTD LLC (the “Company”) today reported financial results for the third quarter ended April 27, 2019.

“We continue to drive innovation and are making long-term investments in technology and customer centric capabilities that will both enrich the shopping experience and position the company for long-term growth,” said Geoffroy van Raemdonck, Chief Executive Officer, Neiman Marcus Group.

For the third quarter ended April 27, 2019, the Company reported total revenues of $1.1 billion, representing a decrease in comparable sales of 1.5% from the same quarter a year ago. During the quarter, the Company reported a net loss of $31.2 million compared with a net loss of $19.9 million for the third quarter of fiscal year 2018. Adjusted EBITDA, which is described on page 10 of this release, for the third quarter was $126.5 million compared to Adjusted EBITDA of $143.8 million for the third quarter a year ago. Excluding MyTheresa, U.S. Adjusted EBITDA for the third quarter was $126.5 million compared to Adjusted EBITDA of $143.1 million for the third quarter a year ago.

For the 39 weeks ended April 27, 2019, the Company reported total revenues of $3.6 billion, representing an increase in comparable sales of 0.7%. The Company reported a net loss of $88.4 million for the 39 weeks ended April 27, 2019 compared with net earnings of $326.4 million in the prior year.

The prior year included a provisional non-cash income tax benefit of approximately $386.2 million as described below under “Other Items”. Adjusted EBITDA for the 39 weeks ended April 27, 2019 was $396.1 million compared to $421.0 million for the same period in the prior year. Excluding MyTheresa, U.S. Adjusted EBITDA for the 39 weeks ended April 27, 2019 was $397.0 million compared to $410.5 million for the same period in the prior year.

[Foxxee]

There has been talk of bankruptcy for some time.  I have a NM card and purchased two items the past two weeks to help this venerable retailer, founded 1907.  Not that I could save it, but if others help, it could be saved.  Shopping at NM Last Call would help.  

I loved this retailer when I lived near one.  Customers are treated with such respect, as Kings and Queens.  Usually stopped there and Saks Fifth Avenue, another good one, on my way home from work several times a week even if I didn't plan on buying anything.

I learned a lot about how to recognize high quality well made fabrics and clothing.  I was hooked.  And...oh their gorgeous Christmas decorations.  Great sales up to 80% off.  

I miss it.  The closest now is about 50 miles from me, a long drive just to go shopping in the store..  

Shoppers helping a store survive occurred with a local department store.  They loved the owner so much, they decided to save it by shopping there more. That was over 10 years ago, it survived Macy's that recently closed. 

So, I've been spreading my shopping around to retailers in trouble I think are worth saving.  

[RinaRina]

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@Marp wrote:

Nieman can blame the pandemic all they want but they were in serious trouble well before the shut down.

Excerpt from:  businesswire.com/news/home/20190611005270/en/Neiman-Marcus-Group-LLC-Reports-Quarter-Results

June 11, 2019 09:30 AM Eastern Daylight Time

DALLAS--(BUSINESS WIRE)--Neiman Marcus Group LTD LLC (the “Company”) today reported financial results for the third quarter ended April 27, 2019.

. Adjusted EBITDA, which is described on page 10 of this release, for the third quarter was $126.5 million compared to Adjusted EBITDA of $143.8 million for the third quarter a year ago. Excluding MyTheresa, U.S. Adjusted EBITDA for the third quarter was $126.5 million compared to Adjusted EBITDA of $143.1 million for the third quarter a year ago.

Adjusted EBITDA for the 39 weeks ended April 27, 2019 was $396.1 million compared to $421.0 million for the same period in the prior year. Excluding MyTheresa, U.S. Adjusted EBITDA for the 39 weeks ended April 27, 2019 was $397.0 million compared to $410.5 million for the same period in the prior year.

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Let's talk EBITDA  (Earnings Before Interest, Tax, Depreciation and Amortization)

Amazon's EBITDA is $10.7 Billion

Walmart's EBITDA is $9.0 Billion

Billions vs. millions ...?

I'm sure Neiman's management saw the handwriting on the wall in 2019 when the above article was written.

Sad.

Very sad, indeed.

[shoekitty]

One of my favorite dept stores.  Love the beauty dept and handbags.   I always get great sales, and gifts   No one wraps a gift like Neimans   Thought I kept them a float during this difficult time   Guess not.  Lol  seriously, they will come back  the treated employees pretty well.  The gal I but from at Neimans in SF has supported herself nicely for 35 years.  She loves it there she told me.

[esmerelda]

I've never been in one. I saw a couple of their Christmas books "back in the day."  Spectacular. 

[JasoninBoston]

I am so upset!

Over the past several weeks while the store has been closed my sales associate has texted me several time asking if I needed help with anything!!  Certain aspects of their customer service over the years has been so amazing and I will really miss the InCircle events and so many other areas of their total experience!

As I see all the other stores near me completely empty (with all merchandise gone and just totally empty). I am fearful of what else is going to come like this.

[Bhvbum]

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@DustRose wrote:

And so it begins

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Really???   Almost 2000 stores closed last year, the same for 2017 and 2018.  

People who shop with QVC and Amazon have been doing so for years.  Lack of on-line technology is probably the real reason NM has failed.  Amazon is booming.

[FiddleDeeDee]

NM has been online for years, so I don't see that as the reason for failing.

IMHO, it's that shoppers' habits/need have dramatically changed. There was a time when elegance, tailoring, designer items held a place in our society; now, cheap junk is the norm. Throw-away fashion. Add in wage stagnation and only a small percentage truly shops there on a consistent basis. Back when I was single, I shopped there for all my professional clothing. It was not cheap, items were tailored and to this day, I STILL have many of those items because they were made SO well and were classic in design. People don't dress that way any longer. I've seen a MAJOR change over the years; my husband rarely wears a suit anymore; my sons' teachers dress like sloppy college students; Walmart fashion is king. 

True Luxury died some time ago. That's why when you see someone dressed well, you stop and stare because it's so rare. When you see an item of beauty, it stands out as well. Just watch YouTube; people complain about anything that is nice and has an expensive price tag because today, it's simply not possible for the masses. It can't be justified.

[novamc1]

@FiddleDeeDee 

Totally agree with your post.

I always loved Neiman's high-quality clothing that I felt was well worth the price.  But I was working in a field that required dressing very well.  Also lived within 4 miles of a Neiman store in the Wash DC area, and have received regular monthly catalogs since moving to the Atlanta area.

Lifestyles and workplace dress standards have been trending toward more casual for many years at this point.

Neiman's  jokingly used to be called "Needless Markup". by some people.

I guess it lived up to and then  exceeded the nickname, but its demise probably is caused more by changing tastes and shopping methods.  Online selling and shopping is the only way most people want to do it these days.

I don't want to pay $250 for a skirt or jacket without trying it on in a store dressing room first.  And that's only if I actually need such expensive attire in the first place.