Saks Global Restructures After Neiman Marcus Acquisition

Saks Global was created after Hudson's Bay Company acquired Neiman Marcus Group for $2.7 billion in late 2024, prompting major restructuring to integrate operations and cut costs by $500 million. The company is laying off about 550 employees, or 3% of its workforce, with significant cuts at corporate offices and the closure of a Tennessee fulfillment center, resulting in nearly 450 job losses. Saks Global is also closing its Saks Fifth Avenue store in Palm Beach, Florida, and has reversed the immediate closure of the historic Neiman Marcus flagship in Dallas, which will remain open through the holiday season after local negotiations. Fulfillment operations are being shifted to Pennsylvania as the company aims to eliminate duplicate roles and optimize its logistics. These changes come amid industry-wide challenges, including strained vendor relationships, payment delays, and the impact of U.S. tariffs, which analysts warn could further pressure profitability. The company has not disclosed whether more layoffs or store closures are planned.