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Neiman Marcus files for bankruptcy

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Community Leader
Mega Contributor

Re: Neiman Marcus files for bankruptcy


@iced wrote:


This was in the works for a while. Barney's has already effectively shut down and Macy's has maybe 5-10 years left before it's over. Writing's on the wall. I haven't looked at the numbers for Nordstrom but I imagine they're also in rough shape.


Nordstrom's is adapting their business. They plan to bring in second-hand luxury goods. Rack was a hit because it made things more affordable. I would be surprised if the new initiative wasn't as well, especially with millennials being "woke" about physical and economical waste.







Message 21 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@Revelate wrote:

@Janus wrote:

Not that I shop there or half the places on the edge of GOOB, but I will be sad if one day we can't get these items in a physical store. Not all of use like buying sight unseen online for everything...


Except the online retailers have already solved this.  It's a little extra hassle for the consumer sure but buy it and if you don't like it, send it back.  Seems to be working...

A lot of good insight in this thread. +10 for Unique Vintage! (Love cute fit and flare dresses, and that place is amazing for it.)

 

Amazon started this years ago: Amazon Will Let Customers Try On Clothes Before They Buy (Cosmopolitan, 2017)

 

"The company's new initiative, Prime Wardrobe, allows you to shop online from Prime-verified retailers, ship three or more items to your doorstep, and pay only for the clothing you keep. You have seven days to give back the rest, using a prepaid return label — and if you keep three to four pieces from your shipment, you get 10 percent off each one. If you keep more than five items, you get 20 percent off per item."

 

Just anecdotal, but a lot of other women I've met at various developer/coding conferences buy pretty much all their clothes online. I have for years. It seems to be common among people who are really into their work and don't stop when they get home.

 

Talbots (catalog shows up regular in my mail) for quality work clothes. H&M for summer dresses because I can get a dozen of them for $300 - no big deal if they don't last until next summer, because I'm going to be bored with them anyway. ASOS for heels, both work and play, usually around $40 a pair - again, I don't care if they last years.

 

L.L.Bean for very good quality, supersoft pajamas - my favorite 'work clothes' since I do much of my work from home.

 

H&M is doing well and that doesn't surprise me in the least. They basically kept my favorite mall open for as long as it was - CambridgeSide in Cambridge, MA, near MIT and that other famous college.

 

Any store that was bought by private equity is at high risk of bankruptcy:

 

"But for both private equity firms and the mafia, investors use their control of the firm to take on more debt, while at the same time cutting costs by laying off workers. [If you watched Goodfellas, you know the game.]

Cash from the loans and cost savings are funneled back to the investors. This looting continues until the company can’t pay its debts. When it finally collapses, the company files for bankruptcy to extinguish the debt — but private equity investors, as well as mobsters, get to keep the gains they’ve already reaped."  Bain Capital Explained By Tony Soprano 

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Message 22 of 29
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Community Leader
Senior Contributor

Re: Neiman Marcus files for bankruptcy

This is sad! My mom shopped there all the time. I'll miss the outrageous Christmas catalogue.

Shopping habits have changed since 80's and 90's heyday. Not only in how it's bought, but what's bought.

People aren't running out for a $300 silk tie, or a $2k pair of shoes anymore.

Message 23 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@CassieCard wrote:

@Revelate wrote:

@Janus wrote:

Not that I shop there or half the places on the edge of GOOB, but I will be sad if one day we can't get these items in a physical store. Not all of use like buying sight unseen online for everything...


Except the online retailers have already solved this.  It's a little extra hassle for the consumer sure but buy it and if you don't like it, send it back.  Seems to be working...

A lot of good insight in this thread. +10 for Unique Vintage! (Love cute fit and flare dresses, and that place is amazing for it.)

 

Amazon started this years ago: Amazon Will Let Customers Try On Clothes Before They Buy (Cosmopolitan, 2017)

 

"The company's new initiative, Prime Wardrobe, allows you to shop online from Prime-verified retailers, ship three or more items to your doorstep, and pay only for the clothing you keep. You have seven days to give back the rest, using a prepaid return label — and if you keep three to four pieces from your shipment, you get 10 percent off each one. If you keep more than five items, you get 20 percent off per item."

 

Just anecdotal, but a lot of other women I've met at various developer/coding conferences buy pretty much all their clothes online. I have for years. It seems to be common among people who are really into their work and don't stop when they get home.

 

Talbots (catalog shows up regular in my mail) for quality work clothes. H&M for summer dresses because I can get a dozen of them for $300 - no big deal if they don't last until next summer, because I'm going to be bored with them anyway. ASOS for heels, both work and play, usually around $40 a pair - again, I don't care if they last years.

 

L.L.Bean for very good quality, supersoft pajamas - my favorite 'work clothes' since I do much of my work from home.

 

H&M is doing well and that doesn't surprise me in the least. They basically kept my favorite mall open for as long as it was - CambridgeSide in Cambridge, MA, near MIT and that other famous college.

 

Any store that was bought by private equity is at high risk of bankruptcy:

 

"But for both private equity firms and the mafia, investors use their control of the firm to take on more debt, while at the same time cutting costs by laying off workers. [If you watched Goodfellas, you know the game.]

Cash from the loans and cost savings are funneled back to the investors. This looting continues until the company can’t pay its debts. When it finally collapses, the company files for bankruptcy to extinguish the debt — but private equity investors, as well as mobsters, get to keep the gains they’ve already reaped."  Bain Capital Explained By Tony Soprano 


I got LL Bean Wicked Good slippers for Christmas a couple of years ago, and I don't think there is anything I'm happier wearing!

 

I hear you on not always wanting things to last forever. I've found myself trapped in items that have gone out of style or that I don't even like anymore just because they were expensive. Have to be pretty careful that it's something you're going to want to live with when upping the spend . . . 

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Message 24 of 29
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Re: Neiman Marcus files for bankruptcy

@SteelerNYC   I with you on the shades. Persol polarized shades are on a different level.  I'm really good at finding deals.  I don't mind splurging once in awhile.  

Message 25 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@Phoenixupward wrote:

@SteelerNYC   I with you on the shades. Persol polarized shades are on a different level.  I'm really good at finding deals.  I don't mind splurging once in awhile.  


Great, now I'm looking at those...haha. I usually get a pair of $50 polarized shades from Costo Optical. (Currently Vera Bradley)

 

Ferragamo and Prada flats are my splurge weaknesses. Yeah, they do feel alot more comfortable than $50 shoes, but I'm not sure ~$500 is required for that.

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Message 26 of 29
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Valued Contributor

Re: Neiman Marcus files for bankruptcy


@CassieCard wrote:

@Phoenixupward wrote:

@SteelerNYC   I with you on the shades. Persol polarized shades are on a different level.  I'm really good at finding deals.  I don't mind splurging once in awhile.  


Great, now I'm looking at those...haha. I usually get a pair of $50 polarized shades from Costo Optical. (Currently Vera Bradley)

 

Ferragamo and Prada flats are my splurge weaknesses. Yeah, they do feel alot more comfortable than $50 shoes, but I'm not sure ~$500 is required for that.


I'm prescription for driving, so my sunglasses are Rx Oakleys. I'd rather not talk about how much a new set of those frames and (polarized) lenses go for.

Message 27 of 29
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Super Contributor

Re: Neiman Marcus files for bankruptcy


@iced wrote:

@CassieCard wrote:

@Phoenixupward wrote:

@SteelerNYC   I with you on the shades. Persol polarized shades are on a different level.  I'm really good at finding deals.  I don't mind splurging once in awhile.  


Great, now I'm looking at those...haha. I usually get a pair of $50 polarized shades from Costo Optical. (Currently Vera Bradley)

 

Ferragamo and Prada flats are my splurge weaknesses. Yeah, they do feel alot more comfortable than $50 shoes, but I'm not sure ~$500 is required for that.


I'm prescription for driving, so my sunglasses are Rx Oakleys. I'd rather not talk about how much a new set of those frames and (polarized) lenses go for.


I'm surprised that the EU allowed the EssilorLuxottica deal, given the market share each company had for an essential good...along with a history of aggressively high prices and margins. It's weird when buying something at Costco feels like supporting small business (in terms of relative market share for eyewear).

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Message 28 of 29
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Re: Neiman Marcus files for bankruptcy


@iced wrote:

@Revelate wrote:

 

Hah wow, just went back through my transaction record: in the last six months I only bought a pair of running shoes.  I'm so not a good consumer, but I'm even a worse brick and mortar retail consumer - I don't think I've gone to a store and bought something since 2013 which was shoes from Nordstrom and a jacket from BrooksBrothers for an interview I wasn't prepped for... then again buying used shoes is a Monte Carlo process which I have no time or patience for. Ebay / StyleForum or the manufacturer websites and occasionlly some random casual thing off Amazon and very very occasionally a retailer website.  I really think this model is probably coming for everyone.

 


That last part helped me just put the dichotemy of how stores like Canada Goose and H&M thrive while others die. I see casual clothing moving more toward the cheap/disposable fast fashion markets. My everyday shirts were less than $10 from TJ Maxx, or I even just wear a solid tee that are sold in packs of 3 for $15. Things I expect to last a long time go in the opposite direction, though: dress shoes skip right past the Macy's and Neiman Marcus' of the world and I go to a Johnston & Murphy or some other boutique. Suits are tailored from a Brooks Brothers or Hugo Boss type.

 

This combines to make stores like Marcus and Macy's endangered. Too nice for casual but not nice enough for formal. There's a few middle-ground things they still sell (Levi's come to mind) in some volume, but not nearly enough things to prop a department chain up.


Didn't Neiman Marcus sell formalwear?  My brother bought his Gucci tuxedo at Neiman, which was surprising because he usually shopped at Wilkes Bashford and preferred Oxford and Kiton at the time. Maybe Neiman's had the stock and the tux required minimal alteration (his school required black tie and a regular suit wasn't going to cut it apparently). 

I would hate to lose Neiman or Bergdorf like we did Barneys. 

Message 29 of 29
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