Saks Global will slash about 150 jobs across several departments as it combines with newly acquired Neiman Marcus, The Post has learned.
The retail giant — which also owns Saks Fifth Avenue, Bergdorf Goodman and Saks OFF 5TH — will lay off employees from finance, legal and operations, human resources and technology departments, according to an internal memo sent to staffers that was viewed by The Post.
The layoffs amount to around 5% of Saks Global’s US corporate workforce, a source with knowledge told The Post.
Other cuts at Saks Global — the American division of the Canadian holding company HBC — include store teams that support Saks Fifth Avenue, Neiman Marcus and Saks OFF 5TH.
Bergdorf Goodman was spared pink slips, for now.
“There will be additional changes to our teams as we continue to integrate our business,” Saks Global CEO Marc Metrick wrote.
Neiman Marcus employees have been bracing for layoffs since the acquisition was announced last summer, The Post previously reported.
“There’s no way all of us are needed,” a Neiman executive previously told The Post. “We’re all trying to stay focused on our jobs while facing reality that at some point there will be decisions made about merchants, planners, finance, human resources, IT, legal, marketing and all other functions.”
Some fretted over why the cuts weren’t announced last week when Saks Global said it would be closing Neiman Marcus’ century-old flagship store in downtown Dallas.
“There’s a feeling that it’s not coordinated and that it’s death by a thousand cuts,” one source close to Neiman Marcus told The Post on Tuesday.
A Saks Global spokesperson said in a statement that the company is “continuing the integration process following our recent acquisition of Neiman Marcus Group by consolidating functional leadership, clarifying key decision makers and beginning to simplify our organizational structure.”
The parent company might “lose more sales to peers Bloomingdale’s and Nordstrom this year as it repositions the newly merged units, shutters select stores and seeks to repay past-due vendor balances,” Bloomberg Intelligence analyst Mary Ross Gilbert warned in a recent research note.
Saks Global blamed the Dallas store closure on “circumstances beyond our control,” according to last week’s memo from Metrick that was obtained by The Post. The store will close for good on March 31.
A source close to the situation revealed Saks was relinquishing the store over a bizarre struggle with the landlord over a parcel of land located under the store’s escalator.
Saks and Neiman Marcus shook hands on a blockbuster $2.65 billion merger in July. Saks owner HBC’s talks of acquiring the rival department store were first reported by The Post in 2023.
The deal was struck as spending on luxury goods have been slowing down.
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