Saks Global slashes 1,200 jobs after luxury retail giant files for bankruptcy
NY Post
Saks Global — owner of luxury stores including Saks Fifth Avenue and Neiman Marcus — is cutting over 1,200 jobs as it shutters more than a dozen locations nationwide following its bankruptcy filing earlier this year.
The New York-based company filed Worker Adjustment and Retraining Notification notices earlier this month outlining plans to close 15 locations — 12 Saks Fifth Avenue stores plus three Neiman Marcus branches — triggering the layoffs.
The closures are expected to take place between May 6 and May 31, according to the WARN filings.
Saks filed for Chapter 11 bankruptcy protection in January and secured final approval last month for a $1 billion bankruptcy loan aimed at keeping operations running during the restructuring.
“As part of these actions and following careful consideration, we will be saying goodbye to some of our talented colleagues,” a Saks rep told The Post.
“We are deeply grateful for these team members’ hard work and dedication, and will support them as much as we can through this transition.”
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