Neiman Marcus is having flashbacks of the last recession. Sales are falling, clothes are piling up, and the company is pruning orders for the fall. Hope of an upcoming IPO -- for which it filed plans last August -- has dimmed.
CEO Karen Katz didn't come out and use the "R" word during the company's earnings call this week to describe the economic environment. But she did mention putting the recession playbook to use, saying it would take the better part of a year to work through all Neiman Marcus' extra inventory.