US-based omnichannel luxury fashion retailer Neiman Marcus is set to close ten of its off-price Last Call stores in order to consolidate its department store business.
The move is expected to affect around 241 personnel, who are likely to be considered for other positions within the company.
Last Call senior vice-president Elizabeth Allison said: "This decision is about optimising our Last Call store portfolio to deliver the best customer service and freeing up resources to support new initiatives for our full-line Neiman Marcus and Bergdorf Goodman channels. We are investing in our strengths as the clear leader of high-end luxury retail.”
Some of the affected stores are located in Pennsylvania, Virginia, Arizona, Illinois, California and Philadelphia.
For the third fiscal quarter ended 29 April this year, Neiman Marcus’ revenues fell by 4.9% to $1.11bn from $1.17bn last year.
Experiencing debts and liabilities, the company registered a $24.9m net loss compared with net earnings of $3.8m for the third quarter of the previous fiscal year.
It operates 42 Neiman Marcus stores across the US and two Bergdorf Goodman stores in Manhattan, New York.
Other brands offered by the retailer include Horchow, CUSP and mytheresa, which was acquired in 2014, along with the THERESA luxury fashion store in Munich, Germany.