The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Joshua Schulman, head of the Bergdorf Goodman department store, will step down from the job as parent company Neiman Marcus Group Ltd. considers a buyout.
Schulman, who also runs NMG International, will be leaving May 10, the company said in a filing on Friday. The resignation didn't stem from a disagreement with Neiman Marcus, according to the statement. Jim Gold, Neiman's chief merchandising officer, will take over the role while a replacement is sought.
Neiman Marcus said earlier this month that it's working with financial advisers on a review of its strategic options, which may include selling part or all of its business. Hudson's Bay Co., the owner of Saks Fifth Avenue, has been seen as a possible suitor.
The company also wrote down its brand and other assets by $153.8 million last quarter and revamped its corporate structure to give it more financial flexibility.
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Neiman Marcus is reeling from slower mall traffic and a broader consumer shift away from department stores. Sales at locations open for at least a year fell 6.8 percent in the second fiscal quarter, which ended Jan. 28. The company posted a net loss of $117.1 million in the period, dragged lower the writedown. It reported a profit of $7.9 million in the year-earlier quarter.
By Nick Turner; editor: Kevin Orland.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.