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
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
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.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
