Saks Global Layoffs: 100 let go as Saks Fifth Avenue, Saks Off 5th, Neiman Marcus merge

What’s happening at Saks Global?

Saks Global is merging key functions of Saks.com, Saks Fifth Avenue stores (SFA), and Saks Off 5th under one corporate umbrella, resulting in approximately 100 layoffs. This move impacts about 1% of the staff, with eliminations across legal, technology, operations, people, communications, and finance teams. Saks Global is a subsidiary of Hudson’s Bay Company.

Official statements and context

Saks’ owner, HBC, recently agreed to a $2.65 billion deal with Amazon, Rhône Capital, Salesforce, and other investors to combine Saks and Neiman Marcus Group under Saks Global. This merger is pending government approval, with the Federal Trade Commission reviewing the proposal to ensure fair competition.

• Saks Global aims to accelerate innovation in the luxury shopping experience, powered by technology and customer-centric strategies.
• The merger will create a combined retail and real estate portfolio, potentially including Neiman Marcus and Bergdorf Goodman
• HBC’s Canadian operations (TheBay.com, the Hudson’s Bay department stores, and $2 billion in real estate) will remain separate.

Executive changes

Marc Metrick, former CEO of Saks.com, will become the CEO of Saks Global. New key executive roles include:

• Mike Hite as Chief Technology Officer
• Rob Brooks as Chief Operating Officer
• Kim Miller as President of Saks Off 5th
• Sarah Garber as Chief People Officer
• Jeff Pedersen as Chief Financial Officer (effective Aug. 12)
• Nicole Schoenberg as Senior Vice President of Communications

Layoffs in Canada

It remains unclear exactly how many HBC or Saks Global employees in Canada will lose their job as a result of this layoff.

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