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.
The Latest
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
