Saks Global to layoff 5 percent of corporate workforce

Luxury department store Saks Global is believed to be laying off around 5 percent of its corporate workforce as it continues to merge its operations with Neiman Marcus.

According to an internal memo sent to employees and seen by Bloomberg News, the layoffs will impact employees in the finance, legal and operations departments. Staff at Saks Global-owned Bergdorf Goodman will remain unaffected.

In the memo, Saks Global’s chief executive officer, Marc Mertick, stated: “There will be additional changes to our teams as we continue to integrate our business.”

The percentage of employees being laid off was provided to Bloomberg by a person familiar with the plan.

A spokesperson for the company told the media outlet that it was “continuing the integration process following our recent acquisition of Neiman Marcus Group (MNG) by consolidating functional leadership, clarifying key decision makers and beginning to simplify our organisational structure”.

Saks Global is a newly formed entity that was made upon Saks’ acquisition of rival department store giant NMG, which it snapped up for 2.7 billion dollars having finalised the sale in December 2024.

Following the deal, the Saks Global portfolio consists of Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, creating what the company’s executive chairman, Richard Baker, said was “an unparalleled multi-brand luxury portfolio with tremendous growth potential”.

When announcing the acquisition, Saks Global confirmed that Bergdorf Goodman was to remain a standalone business under the group’s umbrella, with Saks’ former chief merchandising officer, Tracy Margolies, appointed president.

FashionUnited has contacted Saks Global with a request to comment.