Saks Global cuts 16% of corporate staff amid bankruptcy exit efforts
Updated
Updated · The Wall Street Journal · Apr 30
Saks Global cuts 16% of corporate staff amid bankruptcy exit efforts
11 articles · Updated · The Wall Street Journal · Apr 30
The layoffs affect less than 4% of its roughly 17,000 employees and exclude stores and distribution centres, as the retailer targets emergence from court protection later this year.
Chief executive Geoffroy van Raemdonck said the cuts reflect a smaller operating footprint, with some tied to business exits and others to integration after the 2024 Neiman Marcus acquisition.
Since filing in January, Saks has shut most Saks Off Fifth stores, nearly halved Saks Fifth Avenue locations and closed some Neiman Marcus sites, while saying sales, inventory and investor backing support restructuring.
After closing half its stores, can a leaner 'New Saks' truly reclaim its luxury dominance?
With its CEO on a creditor's board, can Saks navigate its bankruptcy without a conflict of interest?
Did the $2.7 billion Neiman Marcus deal create a luxury titan or simply sink an iconic brand?