MajorsJul 16, 2024
Macy’s Ends Buyout TalksMajorsJul 29, 2024
Saks Global to Lay Off About 100 Employees, Reshuffle Executives
The moves follow parent company HBC’s $2.65 billion offer to buy rival Neiman Marcus.
Pictured is Saks Fifth Avenue’s New York City store. The company has laid off around 100 employees as its parent company, HBC, prepares to acquire Neiman Marcus Group.
New York—Saks Fifth Avenue is trimming its staff, letting go of about 100 employees, or 1 percent of its workforce, less than a month after the proposed acquisition of rival Neiman Marcus.
HBC, the parent company of Saks Fifth Avenue, announced July 4 that it had entered into an agreement to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman, in a deal valued at $2.65 billion.
If the deal is approved, Toronto-based HBC will form Saks Global, a company that will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
The stores will continue to operate under their respective banners.
“As part of this, we are bringing together operational functions from across the businesses under one strong leadership team so that each individual business can better focus on the execution of their respective customer-facing strategies,” a Saks Global spokesperson said in a statement to National Jeweler.
The choice to eliminate select roles wasn’t an easy one, the spokesperson added.
“Decisions that impact team members are never easy, but they are necessary to support our future success. We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.”
Legal, technology, operations, people, communications, and finance teams from the three companies within Saks Global—Saks, Neiman Marcus, and Bergdorf Goodman—will be consolidated, according to a WWD report.
The deal is still pending approval from the Federal Trade Commission.
Both HBC and Neiman Marcus Group are heavyweights in the jewelry retail world, totaling more than $1 billion combined in watch and jewelry sales in 2023.
HBC came in at No. 15 on National Jeweler’s “$100 Million Supersellers List,” with $524 million in watch and jewelry sales in its fiscal year ended Jan. 31, 2024.
Dallas-based Neiman Marcus Group came in at No. 17 with $486 million in watch and jewelry sales in its fiscal year ended July 31, 2023.
Related stories will be right here …
HBC, the parent company of Saks Fifth Avenue, announced July 4 that it had entered into an agreement to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman, in a deal valued at $2.65 billion.
If the deal is approved, Toronto-based HBC will form Saks Global, a company that will include Saks Fifth Avenue, Saks Off 5th, Neiman Marcus, and Bergdorf Goodman.
The stores will continue to operate under their respective banners.
“As part of this, we are bringing together operational functions from across the businesses under one strong leadership team so that each individual business can better focus on the execution of their respective customer-facing strategies,” a Saks Global spokesperson said in a statement to National Jeweler.
The choice to eliminate select roles wasn’t an easy one, the spokesperson added.
“Decisions that impact team members are never easy, but they are necessary to support our future success. We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.”
Legal, technology, operations, people, communications, and finance teams from the three companies within Saks Global—Saks, Neiman Marcus, and Bergdorf Goodman—will be consolidated, according to a WWD report.
The deal is still pending approval from the Federal Trade Commission.
Both HBC and Neiman Marcus Group are heavyweights in the jewelry retail world, totaling more than $1 billion combined in watch and jewelry sales in 2023.
HBC came in at No. 15 on National Jeweler’s “$100 Million Supersellers List,” with $524 million in watch and jewelry sales in its fiscal year ended Jan. 31, 2024.
Dallas-based Neiman Marcus Group came in at No. 17 with $486 million in watch and jewelry sales in its fiscal year ended July 31, 2023.
In a memo distributed to Saks Global employees and shared with WWD, Saks also announced a reshuffling of its executives, with several being reassigned to Saks Global roles.
Saks Global did not respond to National Jeweler's request for confirmation on the executive changes.
The Saks Global executives will report to Marc Metrick, the CEO of Saks.com who will become Saks Global CEO.
Mike Hite, who joined Saks in 2021 as chief information officer and has been Saks’ chief technology officer since 2023, will be the chief technology officer at Saks Global.
Rob Brooks, who has been president and CEO of Saks Off 5th since 2023, has been named chief operating officer.
Kim Miller, former CEO of Boutique Brands, succeeds Brooks as president of Saks Off 5th.
Mara Sirhal, chief merchant for Saks Off 5th, has left the company.
The merchandising team will report to Miller and be led by Melissa Garrick and Allison Ross, who were both senior vice presidents and general merchandise managers at Saks Off 5th.
Sarah Garber, who has been Saks’ chief people officer since 2021, will be the chief people officer at Saks Global.
Jeff Pedersen has been named chief financial officer of Saks Global, effective Aug. 12, succeeding former Saks CFO Vince Phelan, who left the company earlier this year.
Nicole Schoenberg, a senior vice president, will lead communications for Saks, and report to Saks’ Chief Marketing Officer Emily Essner.
Editors' Picks
Sponsored by
More on Majors
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeCommercial production has begun underground at the Canadian diamond mine’s A21 pipe.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
