The cuts represent 16% of the luxury retailer's corporate workforce but less than 4% of its roughly 17,000 total employees
Saks Global is cutting about 640 corporate positions as the luxury retailer works to emerge from Chapter 11 bankruptcy protection later this year.
At 16% of corporate headcount, the job cuts leave the broader workforce largely intact, touching less than 4% of total employees. Workers at stores, distribution centers, and non-headquarters facilities are not among those losing positions, the company said.
Saks Global CEO Geoffroy van Raemdonck said in a statement that the cuts reflect a smaller operational footprint the company is building as it restructures. "As we position Saks Global for future growth as the premier luxury multibrand retailer, we are focusing our resources to ensure we are a profitable business at the service of our customers, brand partners and other stakeholders," van Raemdonck said in a statement. "Decisions affecting our people are difficult and are made after thoughtful consideration."
Some senior leaders are among those leaving, but van Raemdonck’s direct reports are staying, according to the company. Saks Global’s main corporate office is in Lower Manhattan, and it also has remote corporate employees in cities like Dallas.
According to company officials, the job cuts are tied to a store network that has been pared down and reshaped, with some of the workforce reductions stemming from operational decisions made independent of the bankruptcy process. Reduced payroll expense is an additional benefit the company expects from the downsizing.
Saks Global filed for bankruptcy on January 13 after a long period of unpaid vendors, low inventory, and growing debt from its $2.7 billion purchase of Neiman Marcus Group. Thursday’s announcement is not the first round of layoffs since then. In February 2025, about 5% of corporate staff were cut, followed by 550 more job losses across New York, Dallas, and other offices two months later. Closing a distribution center in Tennessee led to another 500 job cuts.
Van Raemdonck said sales and inventory results are running ahead of internal targets. A $500 million financing pledge from senior secured bondholders is intended to fund the company's return from Chapter 11, with an emergence timetable pointing to this summer. When Saks Global entered the bankruptcy process, it carried a $1.75 billion debtor-in-possession financing commitment.
Store closures tied to the restructuring have trimmed the Saks Fifth Avenue fleet by 18 units and the Neiman Marcus network by three, bringing those chains to 15 and 33 locations, respectively. Saks Off 5th, once a 69-door operation, has been wound down to just 12 stores that now function primarily as outlets for excess inventory flowing from the company's flagship banners.
