Saks Global — owner of luxury stores including Saks Fifth Avenue and Neiman Marcus — is cutting over 1,200 jobs as it shutters more than a dozen locations nationwide following its bankruptcy filing earlier this year.
The New York-based company filed Worker Adjustment and Retraining Notification notices earlier this month outlining plans to close 15 locations — 12 Saks Fifth Avenue stores plus three Neiman Marcus branches — triggering the layoffs.
The closures are expected to take place between May 6 and May 31, according to the WARN filings.
Saks filed for Chapter 11 bankruptcy protection in January and secured final approval last month for a $1 billion bankruptcy loan aimed at keeping operations running during the restructuring.
“As part of these actions and following careful consideration, we will be saying goodbye to some of our talented colleagues,” a Saks rep told The Post.
“We are deeply grateful for these team members’ hard work and dedication, and will support them as much as we can through this transition.”
Saks entered bankruptcy with about $3.4 billion in debt after sales slid and the company struggled to pay vendors following its 2024 acquisition of Neiman Marcus.
The closures include locations in Chicago, Las Vegas, San Antonio, Tex., and Tysons, Va., according to the company.
Following the latest round of shutdowns, Saks Global will operate 13 Saks Fifth Avenue stores and 32 Neiman Marcus locations nationwide.
The restructuring does not affect the company’s two Bergdorf Goodman stores in New York, which remain open.
Saks moved to close most Saks Off 5th stores and all remaining Neiman Marcus Last Call outlet locations in an earlier round of cuts, with a small number of Off 5th stores slated to stay open.
The company said inventory flow has improved as more than 500 brands resumed shipping merchandise, releasing nearly $1.3 billion in retail receipts.
Luxury retailers have been under pressure as industry growth slows and resale platforms expand rapidly, with the secondhand fashion market projected to grow three times faster than the primary market through 2027, according to McKinsey.
The planned layoffs come weeks after employees at Bergdorf Goodman claimed that parent company Saks Global was withholding hundreds of dollars from their weekly paychecks.
Nearly two dozen workers at the Manhattan luxury department store reported unexplained deductions — in some cases up to two-thirds of their pay, according to a Post report.
Management told employees the payroll issue was under review and that they were “working toward a solution,” according to a Jan. 28 email reviewed by The Post.
A Saks Global spokesperson said, “there were no systemic errors related to payroll tax withholdings or benefits deductions” since Jan. 1.
“It is common for net pay to vary at the start of the calendar year due to routine factors such as annual resets to Social Security contributions, 401(k) limits, and benefit deductions,” the rep said.
But one affected worker, who spoke on the condition of anonymity for fear of retaliation, said the explanation didn’t add up.
“There’s no way the government is taking 75% out of [my] paycheck,” the employee said. “People have bills, people have to move, buy groceries, and [some] are getting $400 a week?”
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