Saks Global slashes 1,200 jobs after luxury retail giant files for bankruptcy

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.”Saks entered bankruptcy with about $3.4 billion in debt after sales slid and the company struggled to pay vendors following its 2024 acquisition of Neiman Marcus.The closures include locations in Chicago, Las Vegas, San Antonio, Tex., and Tysons, Va., according to the company.Following the latest round of shutdowns, Saks Global will operate 13 Saks Fifth Avenue stores and 32 Neiman Marcus locations nationwide.The restructuring does not affect the company’s two Bergdorf Goodman stores in New York, which remain open.Saks moved to close most Saks Off 5th stores and all remaining Neiman Marcus Last Call outlet locations in an earlier round of cuts, with a small number of Off 5th stores slated to stay open.The company said inventory flow has improved as more than 500 brands resumed shipping merchandise, releasing nearly $1.3 billion in retail receipts.Luxury retailers have been under pressure as industry growth slows and resale platforms expand...