MajorsJul 16, 2024
Macy’s Ends Buyout TalksMajorsJul 29, 2024
Saks Global to Lay Off About 100 Employees, Reshuffle Executives
The moves follow parent company HBC’s $2.65 billion offer to buy rival Neiman Marcus.
Pictured is Saks Fifth Avenue’s New York City store. The company has laid off around 100 employees as its parent company, HBC, prepares to acquire Neiman Marcus Group.
New York—Saks Fifth Avenue is trimming its staff, letting go of about 100 employees, or 1 percent of its workforce, less than a month after the proposed acquisition of rival Neiman Marcus.
HBC, the parent company of Saks Fifth Avenue, announced July 4 that it had entered into an agreement to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman, in a deal valued at $2.65 billion.
If the deal is approved, Toronto-based HBC will form Saks Global, a company that will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
The stores will continue to operate under their respective banners.
“As part of this, we are bringing together operational functions from across the businesses under one strong leadership team so that each individual business can better focus on the execution of their respective customer-facing strategies,” a Saks Global spokesperson said in a statement to National Jeweler.
The choice to eliminate select roles wasn’t an easy one, the spokesperson added.
“Decisions that impact team members are never easy, but they are necessary to support our future success. We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.”
Legal, technology, operations, people, communications, and finance teams from the three companies within Saks Global—Saks, Neiman Marcus, and Bergdorf Goodman—will be consolidated, according to a WWD report.
The deal is still pending approval from the Federal Trade Commission.
Both HBC and Neiman Marcus Group are heavyweights in the jewelry retail world, totaling more than $1 billion combined in watch and jewelry sales in 2023.
HBC came in at No. 15 on National Jeweler’s “$100 Million Supersellers List,” with $524 million in watch and jewelry sales in its fiscal year ended Jan. 31, 2024.
Dallas-based Neiman Marcus Group came in at No. 17 with $486 million in watch and jewelry sales in its fiscal year ended July 31, 2023.
Related stories will be right here …
HBC, the parent company of Saks Fifth Avenue, announced July 4 that it had entered into an agreement to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman, in a deal valued at $2.65 billion.
If the deal is approved, Toronto-based HBC will form Saks Global, a company that will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
The stores will continue to operate under their respective banners.
“As part of this, we are bringing together operational functions from across the businesses under one strong leadership team so that each individual business can better focus on the execution of their respective customer-facing strategies,” a Saks Global spokesperson said in a statement to National Jeweler.
The choice to eliminate select roles wasn’t an easy one, the spokesperson added.
“Decisions that impact team members are never easy, but they are necessary to support our future success. We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.”
Legal, technology, operations, people, communications, and finance teams from the three companies within Saks Global—Saks, Neiman Marcus, and Bergdorf Goodman—will be consolidated, according to a WWD report.
The deal is still pending approval from the Federal Trade Commission.
Both HBC and Neiman Marcus Group are heavyweights in the jewelry retail world, totaling more than $1 billion combined in watch and jewelry sales in 2023.
HBC came in at No. 15 on National Jeweler’s “$100 Million Supersellers List,” with $524 million in watch and jewelry sales in its fiscal year ended Jan. 31, 2024.
Dallas-based Neiman Marcus Group came in at No. 17 with $486 million in watch and jewelry sales in its fiscal year ended July 31, 2023.
In a memo distributed to Saks Global employees and shared with WWD, Saks also announced a reshuffling of its executives, with several being reassigned to Saks Global roles.
Saks Global did not respond to National Jeweler's request for confirmation on the executive changes.
The Saks Global executives will report to Marc Metrick, the CEO of Saks.com who will become Saks Global CEO.
Mike Hite, who joined Saks in 2021 as chief information officer and has been Saks’ chief technology officer since 2023, will be the chief technology officer at Saks Global.
Rob Brooks, who has been president and CEO of Saks Off 5th since 2023, has been named chief operating officer.
Kim Miller, former CEO of Boutique Brands, succeeds Brooks as president of Saks Off 5th.
Mara Sirhal, chief merchant for Saks Off 5th, has left the company.
The merchandising team will report to Miller and be led by Melissa Garrick and Allison Ross, who were both senior vice presidents and general merchandise managers at Saks Off 5th.
Sarah Garber, who has been Saks’ chief people officer since 2021, will be the chief people officer at Saks Global.
Jeff Pedersen has been named chief financial officer of Saks Global, effective Aug. 12, succeeding former Saks CFO Vince Phelan, who left the company earlier this year.
Nicole Schoenberg, a senior vice president, will lead communications for Saks, and report to Saks’ Chief Marketing Officer Emily Essner.
More on Majors
The Latest
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
