Saks Global is combined with the newly acquired Neiman Marcus, which cuts around 150 jobs in several sectors.
Saks Fifth Avenue, Bergdorf Goodman and Saks Off 5 retail giants will fire employees in finance, legal, operations, HR and HR departments, according to an internal memo sent to staff viewed in the post .
The layoffs amount to about 5% of Saks Global's US corporate workforce.
Other Cuts of Saks Global – The US division of Canadian holding company HBC includes a store team supporting Saks Fifth Avenue, Neiman Marcus and Saks Off 5's Saks Fifth Avenue.
Bergdorf Goodman has escaped the pink slip for now.
“As we continue to integrate our business, there are additional changes to our team,” writes Marc Metrick, global CEO of Saks.
Neiman Marcus employees have been helping with layoffs since the acquisition was announced last summer.
“There's no way we all need,” a Neiman executive previously posted. “We are all trying to focus on our work in the face of the reality that decisions will be made on merchants, planners, finance, HR, IT, legal, marketing and all other functions.”
When Saks Global said it would close Neiman Marcus's century flagship store in downtown Dallas, some were worried about why the cut wasn't announced last week.
“It's not adjusted and I feel it's a death from a thousand cuts,” a source close to Neiman Marcus posted Tuesday.
A spokesman for Saks Global said in a statement that the company “follows the recent acquisition of Neiman Marcus Group by integrating functional leadership, clarifying key decision makers, and simplifying organizational structures.” We are continuing the integration process.”
“We may lose sales to fellow Bloomingdale and Nordstrom this year as we relocate the newly merged units this year,” the parent company said.
Saks Global denounced the closure of the Dallas Store in “a situation beyond our control,” according to a memo from Metrick last week. The store will close on March 31st.
Sources close to the situation revealed that Sachs is abandoning the store due to a strange struggle with the landlord over a plot of land beneath the store's escalator.
Saks and Neiman Marcus were a huge hit in July with a $2.65 billion merger. A talk on the acquisition of rival department stores by Saks owner HBC was first reported in 2023 by a post.
The contract was put on hold as spending on luxury goods slowed down.
