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

The company plans to close 15 locations nationwide as part of its restructuring.

Mar. 16, 2026 at 5:49pm

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Saks Global, the owner of luxury retail chains 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 company plans to close 15 locations, including 12 Saks Fifth Avenue stores and 3 Neiman Marcus branches, between May 6 and May 31.

Why it matters

The closures and layoffs are part of Saks Global's bankruptcy restructuring as the luxury retail industry faces pressure from slowing growth and the rise of resale platforms. This move highlights the challenges traditional luxury retailers are facing in the current economic climate.

The details

Saks Global filed for Chapter 11 bankruptcy protection in January and secured a $1 billion bankruptcy loan to keep operations running during the restructuring. The company said the closures and layoffs are necessary as it works to improve inventory flow and pay off its $3.4 billion in debt, which accumulated after its 2024 acquisition of Neiman Marcus. Following the latest round of shutdowns, Saks Global will operate 13 Saks Fifth Avenue stores and 32 Neiman Marcus locations nationwide.

  • Saks Global filed Worker Adjustment and Retraining Notification notices earlier this month outlining plans to close 15 locations between May 6 and May 31, 2026.
  • Saks Global filed for Chapter 11 bankruptcy protection in January 2026 and secured final approval last month for a $1 billion bankruptcy loan.

The players

Saks Global

The owner of luxury retail chains Saks Fifth Avenue and Neiman Marcus, which filed for bankruptcy in 2026.

Neiman Marcus

A luxury department store chain that was acquired by Saks Global in 2024.

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What’s next

Saks Global will continue its bankruptcy restructuring, including the closure of 15 locations and layoffs of over 1,200 employees. The company is working to improve inventory flow and pay off its $3.4 billion in debt.

The takeaway

The Saks Global bankruptcy and store closures highlight the ongoing challenges facing traditional luxury retailers as the industry faces slowing growth and increased competition from resale platforms. This restructuring is part of Saks Global's efforts to adapt to the changing retail landscape and emerge from bankruptcy as a more financially stable company.