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.”
More on Majors
The Latest
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
