Saks Global cut roughly 640 corporate jobs at the end of April 2026, eliminating 16% of its corporate workforce as the bankrupt luxury retailer scales back its headquarters operation. The cuts spare workers at stores and distribution centers, hitting only the corporate offices that support Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman.
CEO Geoffroy van Raemdonck told staff the reductions reflect a "smaller operational footprint" the company is building as it works through Chapter 11 restructuring. Saks Global filed for bankruptcy on January 13, 2026 after months of unpaid vendors, inventory shortfalls, and crushing debt from its $2.7 billion acquisition of Neiman Marcus Group.
The 640 corporate cuts come on top of multiple earlier rounds. Saks Global eliminated 550 corporate roles across Dallas and other offices in April 2025, ran a 5% corporate workforce reduction in February 2025, and shed another 500 jobs when it closed its Tennessee fulfillment center. A separate restructuring filing covers 1,226 store-level layoffs tied to 15 store closures planned between May 6 and May 31, 2026.
The luxury department store model has been under structural pressure for years. Direct-to-consumer brands, online luxury platforms, and shifting consumer behavior have eroded the value of legacy department store real estate. Saks Global's bankruptcy is the most prominent example of that pressure breaking through to the parent company.