Neiman Marcus CEO leaves as retailer struggles with debt

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Neiman Marcus CEO Karen Katz is stepping down from her role, the Wall Street Journal reports, after the luxury retailer reported declining same-store sales in eight of the previous nine quarters, while consistently losing money since the summer of 2016.

Why it matters: The decade-long boom in luxury retail is slowing, but Neiman Marcus' struggles are also related to it being acquired by private-equity groups that saddled the firm with nearly $5 billion in debt, and which has hindered the company's ability to finance long-term investments.