Saks saga continues with another round of layoffs
Saks Global is cutting 16% of its corporate workforce as it edges nearer to emergence.
It follows news this week that the company received approval to go to a creditor vote on its restructuring plan.
The layoffs, which do not affect store or warehouse workers, will account for just less than 4% of the company’s total headcount.
A source told the Wall Street Journal that it amounts to around 640 jobs, which follows a layoff of around 5% of its corporate staff in February 2025.
Quartz reported that it then cut an extra 550 jobs in April of the same year.
The most recent layoffs are part of the company’s five-year business plan which includes fuelling the business with nearly $700 million of liquidity at emergence, accelerating sales growth to generate $9 billion in total growth merchandise value by FY30, and delivering double-digit adjusted EBITDA in the same period.
Watch Insider has covered the Saks journey to its most recent point of nearing emergence from its Chapter 11 ruling.
Read the latest in full HERE:
