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 - that have reduced their workforce amid worries of an economic downturn.

The company also said its Chief Product & Technology Officer Bob Kupbens will depart, while said Ryan Ross, president, Neiman Marcus, will lead customer insights for the group.

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Darcy Penick, the president of luxury department store Bergdorf Goodman, will assume group-level leadership of the NMG Product & Technology organization.

Neiman Marcus Group has more than 10,000 employees as per its website.

Last year, Farfetch Ltd, an online retailer of luxury fashion products, had said it would make an investment of up to $200 million in Neiman, gaining a stronger foothold in the United States as part of a deal to develop the high-end department store's online business.