Saks Global will slash about 5% of corporate workforce after buying Neiman Marcus: source

Saks Global to Cut 150 Jobs Amid Neiman Marcus Merger

Saks Global is set to reduce its workforce by about 150 employees across various departments as it merges with the recently acquired Neiman Marcus, according to sources familiar with the matter.

The retail conglomerate, which also owns Saks Fifth Avenue, Bergdorf Goodman, and Saks OFF 5TH, will be laying off staff from finance, legal, operations, human resources, and technology divisions, as outlined in an internal memo seen by The Post.

These job cuts represent approximately 5% of Saks Global’s US corporate employees, a source revealed.

Additional job cuts are expected to impact the teams supporting Saks Fifth Avenue, Neiman Marcus, and Saks OFF 5TH, while Bergdorf Goodman has been spared for the time being.

CEO Marc Metrick stated, “There will be additional changes to our teams as we continue to integrate our business.”

Neiman Marcus employees had been anticipating layoffs since the acquisition was announced last summer, with concerns raised about the necessity of various functions within the organization.

Despite the recent announcement of the Dallas store closure, some employees questioned the timing of the layoffs.

A spokesperson for Saks Global explained that the company is streamlining its operations following the acquisition of Neiman Marcus Group by consolidating leadership roles and simplifying the organizational structure.

The parent company may face challenges as it transitions the merged entities, closes certain stores, and addresses vendor payment issues, according to analysts.

The closure of the Dallas store was attributed to “circumstances beyond our control,” according to a memo from Metrick.

Reports suggest that the dispute over a piece of land beneath the store’s escalator led to the decision to close the store.

Saks and Neiman Marcus finalized a $2.65 billion merger agreement in July amid a slowdown in luxury spending.