Saks Global announced the layoff of approximately 5% of its corporate workforce in the United States, following the acquisition of Neiman Marcus, the main competitor of its Saks Fifth Avenue store. Here’s everything we know about it.
Why will Saks Global lay off employees?
The layoffs at Saks Global come amid a decline in sales, which has intensified since 2024. Additionally, delays in payments to suppliers have impacted the company’s revenues, as many of them have stopped shipping goods.
This situation has led to the closure of some stores across the United States that were no longer viable due to low sales, creating uncertainty about the future of other branches and the employees still remaining with the company.
In a statement, a company spokesperson indicated that after the $2.7 billion acquisition of Neiman Marcus, the company is still in an integration process to consolidate functional leadership, clarify decision-makers, and begin simplifying its organizational structure.
This is the latest round of layoffs linked to the Neiman Marcus purchase. In July 2024, the company had already made staff cuts, stating that it was consolidating operational functions across all businesses under a stronger leadership team.
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Which employees will Saks Global lay off?
According to the company, in an internal memo sent to employees, this round of layoffs will affect workers from various departments, particularly legal, financial, and operations areas; however, the cuts will not include employees of Bergdorf Goodman, another brand under the company.
How many employees will Saks Global lay off?
So far, the company has not specified the exact number of employees to be laid off in the coming days, only indicating that it will be 5% of its workforce.
What is Saks Fifth Avenue?
Saks Fifth Avenue is a leading luxury fashion retailer, guided by the mission of enabling customers to express themselves through a unique and inspiring style. Since its foundation in 1924, it has offered exceptional shopping experiences, with an expertly curated selection of fashion and highly personalized customer service. Its distinctive approach blends a strong digital presence with a solid connection to a network of 40 exceptional stores across North America, ensuring a seamless and consistent shopping experience across all channels.
Why should I have an account with Saks Fifth Avenue?
If you have an account with the store, you can make your purchases faster, review previous orders, and save your preferred shipping addresses and payment methods. You’ll also be the first to know about sales and new arrivals, so you never miss an opportunity.
Creating an account with Saks Fifth Avenue is very easy. You only need a valid email address or mobile phone number to activate it and start enjoying all the benefits it offers.
Can I cancel or modify my order at Saks Fifth Avenue?
To ensure you receive your items as quickly as possible, the store processes orders as soon as they are received, meaning no changes can be made once the order has been placed. This includes canceling the entire order (or part of it), changing the shipping address, modifying the shipping method, or adding, replacing, or removing items from the order.
If you change your mind about some of the items you ordered, don’t worry. Once you receive them at your home, you can return them within 30 days of arrival. Once the store receives the returned item and confirms it is in good condition, they will issue a full refund.
For a full refund, all items must be unused and returned in the same condition in which the customer received them, with their original packaging and all attached tags and labels.
According to Saks Fifth Avenue’s return policy, certain items cannot be returned for a refund due to hygiene and safety reasons, including the following:
- Facial and body products if opened, used, or if the protective seal is not intact.
- Underwear if the hygiene seal is not intact or if any label has been broken.
- Swimwear if the hygiene seal is not intact or if any label has been broken.
- Pierced jewelry if the seal has been tampered with or is broken.
- Face covers if the seal has been tampered with or broken.
