Neiman Marcus to lay off about 5% of workforce

Feb 14 (Reuters) – Neiman Marcus Group said on Tuesday it would lay off about 5% of its workforce, or around 500 employees, as the luxury department store chain looks to cut costs in a tough economy.

The company joins a growing list of firms in corporate America – from Wall Street banks and tech companies to online furniture retailer Wayfair Inc (W.N) – that have reduced their workforce amid worries of an economic downturn. Read more at Reuters.