(Bloomberg) -- Joshua Schulman, head of the Bergdorf Goodman department store, will step down from the job as parent company Neiman Marcus Group Ltd. considers a buyout.
Schulman, who also runs NMG International, will be leaving May 10, the company said in a filing on Friday. The resignation didn't stem from a disagreement with Neiman Marcus, according to the statement. James Gold, Neiman's chief merchandising officer, will take over the role while a replacement is sought.
Neiman Marcus said earlier this month that it's working with financial advisers on a review of its strategic options, which may include selling part or all of its business. Hudson's Bay Co., the owner of Saks Fifth Avenue, has been seen as a possible suitor.
The company also wrote down its brand and other assets by $153.8 million last quarter and revamped its corporate structure to give it more financial flexibility.
Neiman Marcus is reeling from slower mall traffic and a broader consumer shift away from department stores. Sales at locations open for at least a year fell 6.8 percent in the second fiscal quarter, which ended Jan. 28. The company posted a net loss of $117.1 million in the period, dragged lower the writedown. It reported a profit of $7.9 million in the year-earlier quarter.
To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net.
To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Kevin Orland
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