The layoffs are intensifying with each passing day as new companies are announcing the firing of their employees to cut costs. The latest one to join the list is Neiman Marcus Group, which said on Tuesday it would lay off about 5% of its workforce. 

According to Reuters, around 500 employees will be sacked as the luxury department store chain looks to cut costs in a tough economy.

Along with staff, the company will also bid adieu to its Chief Product and Technology Officer Bob Kupbens. Now Ryan Ross, president of Neiman Marcus, will lead customer insights for the group.

Neiman Marcus will also have some other changes in leadership as Darcy Penick, the president of the luxury department store Bergdorf Goodman, will assume group-level leadership of the NMG Product and Technology organisation.

The same report by Reuters revealed that Neiman Marcus Group has more than 10,000 employees as per its website.