MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerMajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to Approval
The retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
Saks Global plans to lay off 16 percent of its corporate workforce.
Editor's Note: This story has been edited post-publication to clarify that Saks Global received approval for its bankruptcy disclosure statement, not for its reorganization plan.
New York—Saks Global has another round of layoffs on the way as the retailer’s bankruptcy proceedings continue.
The company received approval for its bankruptcy disclosure statement from the U.S. Bankruptcy Court for the Southern District of Texas on May 1.
A disclosure statement is a document with information about a company's assets and liabilities that allows a creditor to make a decision about the debtor's reorganization plan.
Now, its creditors can begin voting on the reorganization plan, and the retailer can prepare to emerge from bankruptcy this summer.
Part of the plan includes downsizing its workforce, which totaled 17,000 at the time of bankruptcy, by reducing its corporate team by 16 percent, about 4 percent of its total workforce.
This amounts to around 640 jobs, a source told The Wall Street Journal, and does not affect its retail and distribution staff.
“Following the strategic actions we’ve taken to secure long-term financial stability, sharpen our focus on luxury and full-price selling, optimize our operational footprint, and exit non-core businesses, we are right-sizing our corporate organization to align with our go-forward strategy,” a Saks Global spokesperson said in an email to National Jeweler.
“With these changes, we will concentrate our resources toward critical capabilities that will drive profitable, sustainable growth. We are grateful to these colleagues for their contributions and are committed to supporting them as much as possible through this transition."
The retailer laid off 5 percent of its corporate staff in February 2025. It cut an additional 550 jobs two months later, according to Quartz.
It then closed a distribution center in Tennessee, which led to another 500 jobs lost, as per a WARN notice filed in April 2025.
Related stories will be right here …
New York—Saks Global has another round of layoffs on the way as the retailer’s bankruptcy proceedings continue.
The company received approval for its bankruptcy disclosure statement from the U.S. Bankruptcy Court for the Southern District of Texas on May 1.
A disclosure statement is a document with information about a company's assets and liabilities that allows a creditor to make a decision about the debtor's reorganization plan.
Now, its creditors can begin voting on the reorganization plan, and the retailer can prepare to emerge from bankruptcy this summer.
Part of the plan includes downsizing its workforce, which totaled 17,000 at the time of bankruptcy, by reducing its corporate team by 16 percent, about 4 percent of its total workforce.
This amounts to around 640 jobs, a source told The Wall Street Journal, and does not affect its retail and distribution staff.
“Following the strategic actions we’ve taken to secure long-term financial stability, sharpen our focus on luxury and full-price selling, optimize our operational footprint, and exit non-core businesses, we are right-sizing our corporate organization to align with our go-forward strategy,” a Saks Global spokesperson said in an email to National Jeweler.
“With these changes, we will concentrate our resources toward critical capabilities that will drive profitable, sustainable growth. We are grateful to these colleagues for their contributions and are committed to supporting them as much as possible through this transition."
The retailer laid off 5 percent of its corporate staff in February 2025. It cut an additional 550 jobs two months later, according to Quartz.
It then closed a distribution center in Tennessee, which led to another 500 jobs lost, as per a WARN notice filed in April 2025.
The retailer also outlined its five-year business plan as part of its reorganization.
Saks Global will need the funds to fulfill its shareholder obligations and drive its transformation.
Upon exiting bankruptcy, it plans to have nearly $700 million of liquidity, which it expects will increase over time.
The retailer also wants to drive sales growth, generating $9 billion in total gross merchandise value by fiscal 2030.
To achieve top-line growth, the company said it will double down on its retail model and customer relationships.
It also plans to deliver double-digit adjusted EBITDA by fiscal 2030 to drive long-term value.
Since January, the company said it has executed several strategic actions to plan for long-term success, including strengthening brand partner relationships, optimizing its operational footprint and corporate structure, sharpening its focus on luxury and full-price selling, and exiting non-core businesses.
Saks Global started announcing store closures earlier this year, including a number of Saks Fifth Avenue and Neiman Marcus stores.
It also plans to close most of its Saks Off 5th retail locations and Last Call stores and has shuttered 14 of its Fifth Avenue Club personal styling suites.
Customers who shopped with furniture and home decor retailer Horchow are now redirected to the home category on the Neiman Marcus website.
There are currently no changes planned for the Bergdorf Goodman brand, it said.
"We are building a stronger, more focused company that is positioned to serve as the premier gateway to the U.S. luxury customer and be a stronger partner to our brand partners and other key stakeholders,” Saks Global CEO Geoffroy van Raemdonck said.
“The committed capital we have secured, along with the growing momentum across our business, sets the stage for a successful future. With adequate resources to invest in our capabilities, customer experience, and merchandise assortment, we are confident in our ability to drive profitable growth for Saks Global and sustained revenue growth for our partners in the years ahead.”
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