Neiman Marcus to close most discount stores, focus on luxury Neiman Marcus is ditching the off-price business and focusing on its high-end customersNEW YORK -- Neiman Marcus is ditching the off-price business and focusing on its high-end customers. Neiman Marcus will also eliminate 250 non-selling associates. Neiman Marcus Group CEO Geoffroy van Raemdonck told The Associated Press that 40% of the company's sales are coming from customers who spend on average $50,000 a year. But van Raemdonck said that it will have an impact on the economy, though he's not sure how long it will last. “It's very uncertain, but we have to be level-headed and not panic,” said Van Raemdonck.

Source: ABC News March 12, 2020 14:37 UTC