Luxury Retailer Cuts 5% of U.S. Corporate Workforce as Part of $2.7 Billion Merger
Saks Global is laying off approximately 5% of its U.S. corporate workforce as it continues integrating Neiman Marcus into its operations. The layoffs affect departments including finance, legal, and operations, according to an internal memo viewed by Bloomberg News.
“There will be additional changes to our teams as we continue to integrate our business,” wrote Saks Global CEO Marc Metrick in the memo.
The restructuring follows Saks Global’s $2.7 billion acquisition of Neiman Marcus, which also includes brands like Bergdorf Goodman and Saks Off 5th. The company aims to consolidate functional leadership and simplify its organizational structure.
In addition to workforce reductions, Saks Global plans to close Neiman Marcus’s historic downtown Dallas store and its Dallas corporate headquarters, consolidating operations in New York City.
The luxury retailer is also investing $100 million to renovate its NorthPark Center store, aiming to enhance the luxury shopping experience.
As Saks Global navigates this significant merger, the company faces the challenge of maintaining its luxury brand identity while achieving operational efficiencies.
