FINANCE

Neiman Marcus Cuts 375 Jobs

BY CSA STAFF

Dallas Neiman Marcus Group said Tuesday that it is cutting about 375 jobs, equating to almost 3% of its work force.

The cuts, which took place Monday and Tuesday, were across all divisions and at all job levels, according to Neiman Marcus spokeswoman Ginger Reeder.

Neiman Marcus will be offering severance packages, but Reeder did not provide details about the packages or any potential charges related to the packages that the company might incur.

On Monday, Moody’s Investors Service said it may lower Neiman Marcus’s credit ratings due to its December same-store sales decline.

Last week, the retailer said its same-store sales dropped 27.5% in December, as even high-end consumers pulled back sharply on holiday spending. A shift in fiscal 2009 reporting periods also dragged down monthly results, the company said.

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Giant Food names East region ops head

BY CSA STAFF

CARLISLE, Pa. Doug Sternberger has been named director of operations and merchandising in the East region for Giant Food Stores.

Sternberger joined Giant in 1980 and most recently served as grocery specialist for the East Region.

 

 

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FTC seeks end to Whole Foods, Wild Oats integration

BY CSA STAFF

WASHINGTON The Federal Trade Commission continued its battle with Whole Foods over its acquisition of Wild Oats, asking the U.S. District Court for the District of Columbia to be a stop to all integration activities and to have the acquired stores rebranded as Wild Oats, with an independent management team to supervise them.

“The FTC believes that this preliminary injunctive relief is necessary and reasonable to preserve interim competition and maintain the commission’s ability to fashion an effective remedy should it be warranted,” the FTC said in its filing.

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