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Neiman Marcus said it will close most of its 22 Last Call stores by the first quarter of fiscal 2021 as part of a strategic transformation.
A few Last Call stores will remain open to sell residual Neiman Marcus inventory. The company has yet to determine the number and locations of those stores.
The closures are part of a plan for the company to “focus on growing its luxury customer base and drive full-price selling,” according to a press release.
“We are making purposeful decisions as we continue to transform NMG [Neiman Marcus Group] into a business that drives accelerated profitable and sustainable growth,” said CEO Geoffroy van Raemdonck. “We are building a solid luxury customer base and taking deliberate steps today to align Neiman Marcus’ in-store and online teams, revisiting how we deploy our resources by investing in our supply chain and streamlining Last Call.”
At the time of the announcement, which preceded the COVID-19 pandemic, Neiman Marcus also had plans to strengthen its omnichannel efforts and to close two distribution warehouses in Texas.
More recently, Neiman Marcus is reported to be speaking with lenders about a bankruptcy loan to allow time to work out a recovery from its debt load.