Saks is cutting 74 jobs at its Miramar, Florida facility as part of its Chapter 11 bankruptcy proceedings. The luxury retailer's bankruptcy has been one of the more dramatic business stories of 2026, ending decades of aspirational retail dominance.
The cuts are small but symbolic. Saks represents the failure of the luxury department store model to adapt to changing consumer behavior. Online luxury platforms, direct-to-consumer brands, and experiential retail have all eroded the value proposition of a physical luxury store.