Bergdorf Goodman Chief to Step Down as Parent Neiman Seeks SaleBy
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. James 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.
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.