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
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
