Saks Global cuts 640 corporate jobs amid bankruptcy

Saks Global is eliminating about 640 corporate jobs, equal to roughly 16% of its headquarters workforce, as part of its ongoing Chapter 11 bankruptcy restructuring.

Key details

• Saks Global is in Chapter 11 bankruptcy after filing in January 2026 with around 17,000 total employees.

• The 640 roles are corporate/headquarters positions and amount to about 16% of the corporate staff but under 4% of the company’s overall workforce.

• Store and distribution center employees are not included in this round of cuts, according to multiple reports.

• These layoffs follow earlier restructuring moves in which Saks Global announced about 1,200 job cuts tied to closing 15 stores and shrinking its Saks Fifth Avenue footprint, including significant losses in California and other states.

• Since the bankruptcy filing, Saks Global has closed 20 of its 33 Saks Fifth Avenue stores and is also shutting additional Neiman Marcus locations as it tries to right-size its operations and service roughly 3.4 billion dollars of debt from its 2024 merger of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus.

Why it’s happening

• The company is trying to cut costs and streamline corporate operations to improve its chances of emerging from Chapter 11 later this year.

• Heavy leverage from the Neiman Marcus acquisition and changing luxury retail demand have pressured cash flow, forcing store closures, headcount reductions, and negotiations with creditors.

• Saks has secured part of a 1.75 billion dollar bankruptcy financing package (about 300 million so far) and is executing against a multi‑year reorganization plan that assumes a smaller, more focused store base and leaner corporate structure.

Snapshot of recent Saks Global cuts