Saks Global is executing significant layoffs, impacting approximately 550 employees, as part of a strategic consolidation following its $2.7 billion acquisition of Neiman Marcus. This move represents about 3% of its total workforce and primarily targets duplicative roles in corporate offices and support teams across multiple departments. The layoffs align with the company's goal to reduce annual costs by $500 million over the coming years as it works to integrate the two retail brands efficiently. Company officials have refrained from commenting on the cuts.
This week's staff cuts at Saks Global focus on reducing duplicative and overlapping roles resulting from the $2.7 billion acquisition of the Neiman Marcus Group.
Approximately 550 workers, or 3 percent of Saks Global's total workforce, including employees at Saks Fifth Avenue and Neiman Marcus, were terminated.
Saks Global aims to reduce annual costs by approximately $500 million over the next few years following significant layoffs and operational consolidations.
The layoffs aim to lower costs, retain top talent, and enhance overall organizational efficiency across commercial, finance, and other support teams.
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