If you’re wondering what caused the Dow to drop yesterday, look no further than the December retail reports. Holiday 2008 was one of the worst in decades, in spite of all the sales leading up to and following the Christmas holiday. Now, the pink slips are flying.
Neiman Marcus announced 375 job cuts across all its divisions, including both its Neiman’s and Bergdorf Goodman stores. Half the cuts will be in the cosmetics department. A number of specialty boutiques are closing in Los Angeles, Dallas, and Palm Beach, and Goody’s Department Stores just filed Chapter 11. Sad news all around.
The one bright spot? Washington, D.C. Hotels, restaurants, and clothing stores are bracing for the onslaught of visitors for the Obama Inauguration…
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Tags: Bergdorf-Goodman, Neiman Marcus, retail
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