Neiman Marcus Executivo reviews

Ever since the first private buy-out, we've been drowning in debt. Only people who benefiting (beside Smith family) were very top execs who got to sell all their options for over $100 a share. Then, TPG and WP did a dividend recap that allowed very small number of top execs to sell some of the tiny amount of stock private equity firms left for company. When recession hit, everything was tightened. No raises, lower bonus potential, but no one was going to hit plan anyway. Company "hyped" buy-out by present owners as real win for company. Not true. Just more debt. More layoffs, except in certain areas. Tech Lab was created that ended up providing nada to company except "magic mirrors" that only create magic sales. Asia was going to big big opportunity. Company didn't dive in which was good since it limited risk. But strategy non-existent, Chinese partner weak. That was bust and over in 18 mos. CUSP another bust. Bought small German retailer for reasons unknown. What was reasoning? We weren't going to expand into Europe with NM stores, so what is My Theresa doing for us? Business is very tough, people worried about job losses if another retailer buys us, so morale poor. A lot of folks spending more time looking for new job during the day than getting their work done. We've got so much debt, no way to ever go public. Don't think we can make debt payments that are coming due. No private equity buyers out there b/c too much debt combined with weak results. Can't go public for same reason. And who might buy us? Hudson Bay? This was small Canadian retailer (The Bay, sort of,like Macy's). They bought Lord and Taylor, and then Saks. Recently announced major acquisition in Europe. Sounds like they have a vision, a strategy, a plan, and have money available to execute it. They are supposedly considering buying us, but we don't have own valuable real estate (like Saks NYC store) that HBC can sell/leaseback. Plus overlapping markets with Saks. I have been here for long time and used to think the world of NM. We were the best!!!. But ever since the first buy-out, things have gone down hill. 2005 investors over-paid for company, b/c they thought they could add 20 full line stores, show solid, consistent gains in top line growth and EBITDA, and then flip is in IPO. Great Recession occurred, owners realized that NM was never going to be 50+ stores, not enough markets. They paid themselves a $500 million dividend (adding more debt to NM) which just hurt us more. Hoped new owners had a plan, but they didn't. Katz and team knew how to execute (or thought they did) but we didn't have a vision. NYC store: spending a lot, will be our biggest store, but won't earn enough money to pay down debt. After failures of CUSP, China and My Theresa (maybe not a failure but a waste of money), doesn't seem like Karen knows what to do (Tansky was still here for Cusp). She just cuts positions, hours, salaries, benefits, but she and her top circle still make a lot of money. See it every year when the proxy comes out. They make millions while Company is rapidly becoming sinking ship. She may get big payout with her CONTRACT if we're sold, but most of us will get little or nothing and will have to find new jobs.