Luxury retailer Neiman Marcus Group Inc confirmed to just-style today (14 January) that it has laid off 375 people as it tries to counter the economic slowdown by cutting costs across its business - and says more job losses may follow in future months.

The Dallas-based retailer, which operates the Neiman Marcus and Bergdorf Goodman nameplates, says the cuts - which account for around 3% of its workforce - were made across all departments and across all divisions.

Ginger Reeder, vice president of corporate communications, told just-style the cuts followed a company-wide evaluation of division and corporate processes launched several months ago with the goal of identifying efficiencies and ways to reduce operating expenses.

"The negative impact of the current economic environment has increased the importance of this effort," she said. 

Reeder added: "We believe these changes will put us in a position to operate more efficiently and to achieve our future financial objectives."

But while there may be more workforce reductions in future months, the retailer says it has "no plans to close stores at this time."

The firm also said in a regulatory filing yesterday (13 January) that it will issue more debt instead of using cash to pay interest on some senior notes due in 2015.

This 'payment-in-kind' option has been selected to cover interest payments due from 15 January to 14 April this year.

Neiman Marcus last week posted a 31.2% slump in same-store sales for December, and said it "experienced weakness across all geographies and merchandise."