Word: neiman
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...analysts scan the landscape they see a virtual Who's Who of battered luxury chains. "Saks and Neiman's sales are horrendous. Tiffany was down 27% in U.S. same-store sales last quarter, Bulgari was down 21%, Harry Winston sales were down 49%, and [LVMH Moet Hennessy] Louis Vuitton down 23%," says Howard Davidowitz, chairman of Davidowitz & Associates, a retail consulting and investment banking services firm. "If you look at Madison Avenue, it's a ghost town in terms of store closings. It's an absolute disaster." (Read "How Consumers Shop Differently Today...
...Representative Jeb Hensarling, a Republican from Texas, said he thought the Treasury Department had overstepped its authority when it used TARP funds to help the auto companies. Richard Neiman, who is the superintendent of the New York State Banking Department, said it looked like the administration was unlikely to meet its goal of modifying as many as 3 million mortgages...
...hardest. So, when French couturier Christian Lacroix filed for court protection from creditors (similar to Chapter 11 bankruptcy protection in the United States) on May 28, it came as no surprise - especially since the filing was timed to same-store sales comps for May, which for department stores like Neiman Marcus and Saks Fifth Avenue were down a whopping 27% and 26.6%, respectively. (See pictures of retailers which have gone out of business...
...operation. Rite Aid has 4,900 stores and it is in real trouble. If Rite Aid faced bankruptcy it would cause unemployment problems, but it could also trigger a destructive chain of events in the real estate industry by defaulting on store leases at locations all over the country. Neiman Marcus had a same-store sales loss of 30% last month. The company has $3 billion in long term debt and had paper thin operating margins on $1 billion in revenue last quarter, which was down from over $1.3 billion in the same period the year before. Neiman Marcus also...
...Frugality is in fashion. The alligator belts are tightening ... Who knew a wallet could hibernate?' ?Burt Tansky, president and CEO of Neiman Marcus...