The Real Deal Miami

Retail layoffs on Worth Avenue

March 16, 2009 11:13AM

Declining sales have pushed some of Palm Beach’s toniest Worth Avenue retailers to reduce staff, though no stores will shutter their doors on the pricey shopping strip. Sherry Frankel, president of the Worth Avenue Association merchants’ group, said rumors of companies leaving are false. The two largest stores on the street, Neiman Marcus and Saks Fifth Avenue, have reduced the number of employees on their payrolls, although neither would reveal the current number of employees at their island locations. Earlier this year, Tiffany & Co. offered some senior employees buyouts.