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Layoffs Confirmed at Saks

This follows the announcement of the takeover of Neiman Marcus Group

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Photography: mariakray/Shutterstock.com

Hudson’s Bay Company (HBC; New York), owner of Saks Fifth Avenue (New York), has entered an agreement to absorb Neiman Marcus Group (Dallas), and, following, Saks confirmed an undisclosed number of layoffs, according to RetailDive. The acquisition of Neiman Marcus Group is said to be $2.65 billion. 

The layoffs are said to be a part of a shakeup in operations within the organization. 

“Decisions that impact team members are never easy, but they are necessary to support our future success,” a Saks Global spokesperson told RetailDive. “We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.”

Following the acquisition, HBC said it will establish Saks Global, which will encompass Saks Fifth Avenue and Saks Off 5th, along with the newly acquired Neiman Marcus and Bergdorf Goodman. 

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