George Minakakis’ Post

Key functions of the Saks.com, the Saks Fifth Avenue stores known as SFA, and Saks Off 5th companies are being merged under the Saks Global umbrella.⁠ ⁠ The strategy represents an effort to create efficiencies and will lead to what sources said were about 100 layoffs, or 1 percent of the staff, including the elimination of certain positions.⁠ ⁠ Legal, technology, operations, people, communications and finance teams from the three companies will be consolidated under the Saks Global corporate umbrella.⁠ ⁠ Read more here: https://lnkd.in/eFCWHy4e

https://lnkd.in/ecJA9RHe Retail Layoffs . . . Saks Global confirms layoffs The HBC-owned business is prepping for its takeover of rival Neiman Marcus Group, which includes Bergdorf Goodman. Published July 25, 2024 By Daphne Howland Senior Reporter Following the announcement that Saks Fifth Avenue owner HBC has an agreement to acquire rival Neiman Marcus Group for $2.65 billion, Saks on Wednesday confirmed a shakeup of its operations that will entail an undisclosed number of layoffs. HBC has already said that once the deal closes it would establish an entity dubbed Saks Global, which combines its Saks Fifth Avenue and Saks Off 5th banners with Neiman Marcus Group’s Neiman Marcus and Bergdorf Goodman banners. Its Canadian department store Hudson’s Bay will be its own entity. The transaction has also attracted an investment from Amazon. “Decisions that impact team members are never easy, but they are necessary to support our future success,” a Saks Global spokesperson said by email Wednesday. “We greatly appreciate our colleagues’ contributions and are supporting them as much as we can through this transition.” There has already been some change, as Saks Fifth Avenue Chief Operating Officer RJ Cilley left a few days after the announcement to become chief executive officer at HVAC and plumbing startup Voomi Supply. Now Saks is taking “initial steps to establish Saks Global, a technology-powered combination of retail and real estate assets,” including eliminating some roles, the Saks Global spokesperson said Wednesday. “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,” the spokesperson said. “Additionally, with Saks Global we are capitalizing on an opportunity to ensure our teams can navigate the current environment while preparing for future opportunities.” The spokesperson didn’t immediately reply to follow-up questions regarding how many layoffs are planned, and whether more members of the leadership teams would be affected. Additionally, neither Saks nor HBC responded to questions about whether Saks Global would reunite the banners’ store and e-commerce operations. In 2021, Saks Fifth Avenue, Saks Off 5th and Hudson’s Bay all split up their online and brick-and-mortar businesses as part of a broader push by parent company HBC to attract investment and talent to the digital companies. Later that year, Neiman Marcus rejected the idea, though it could be revived under the Saks Global umbrella if there remains a split between physical stores and e-commerce at the Saks banners. Department store Hudson’s Bay reunited its online and offline operations in 2022, HBC confirmed earlier this year.

"Are CEOs Getting Worse at Managing Company Execution?" In recent years, we've seen a surge in company layoffs, despite some companies continuing to post strong revenue. But here's the question: why are CEOs failing to manage the execution of their companies effectively? Why are so many companies, like Walmart, reporting massive debt in their 10-K filings yet still remain operational? Are CEOs too focused on short-term growth and stock prices, neglecting long-term sustainability and proper resource management? Is the job market shifting so rapidly that even big players are struggling to adapt, leading to layoffs? It seems there’s a disconnect between financial health and actual performance at the executive level. What’s your take—are CEOs getting worse at managing the execution of their companies, or is something else at play here? #CEOLeadership #CorporateManagement #JobMarket #BusinessStrategy #CorporateDebt

📢 Attention professionals! 📢 Reports have emerged that Walmart is making significant changes to its corporate staff, including layoffs and relocations. It's important for us to stay informed about the evolving landscape of the business world. While these types of decisions can be tough, it's an opportunity for us to recognize the ever-changing nature of the retail industry and the need for businesses to adapt and innovate. As professionals, it's crucial to stay agile and adaptable in our careers, especially in times of change. Let's take this opportunity to reevaluate our own career paths, network with others, and seek out new opportunities in the dynamic job market. Have you been affected by this news? Share your thoughts and let's open up the conversation about the impact of corporate restructuring on employees. Remember, we're all in this together! #Walmart #CorporateRestructuring #CareerAdaptability #BusinessNews 🌐 Note: AI-powered post. May contain errors.

Many seasoned professionals accept a position expecting it to be their dream job…only to have those expectations dashed. In this case, Michael Conway, CEO of Starbucks North America, is resigning after six months. If you are a seasoned professional in the #US or #Canada with an annual salary of $175K+ and looking to transition because you are no longer in alignment with your employer, visit www.kltracy.com for a free resume review. #careertransition #Careertransitions #Resume #resumes #careerchange #thebigquit #greatresignation #careerwithpurpose #career #outplacement #employment #workplace #workforce #returntowork #layoff #layoffs #quietquitting #unemployment #Google #Microsoft #Meta #Amazon #Spotify #CSuite #goldmansachs #Blackrock #Citi #morganstanley #Boeing #Disney #DocuSign #Walmart #McKinsey #Ericsson #Twitter #Starbucks #QVC #siriusxm #Apple #Starbucks #Lucid #McDonalds #Merck #Lyft #3MersUnite #Intel #Ford #GM #IBM #Telecommunications #tech #AmericanFamily #Pfizer #HR 

The list of layoffs and closings is getting longer. Entrepreneurship is the way to go. Ask me how. Dollar Tree is closing 600 stores in 2024. CVS is closing 900 stores by 2024. Walgreens is closing 150 stores in 2024. Outback Steakhouse has closed 40 stores this year. UPS cut 12,000 jobs in 2024. Citigroup is cutting 20,000 jobs. eBay is cutting 1,000 jobs. Microsoft is cutting 1,900 jobs. Expedia is cutting 1,500 jobs in 2024. Cisco is cutting 4,000 jobs in 2024. Apple cut 600 jobs. Regal Cinemas is closing 429 locations. Kroger is closing 413 stores. Foot Locker is closing 400 stores by 2026. Macy’s is closing 150 stores by 2026. Walmart has closed 6 stores in 2024.

Target & Walmart have their Christmas stuff out already so, it is time we have the much needed conversation of the, "holiday surprise". Holiday Season Best Practices for Employee Retention As we approach the end of the year, businesses face tough decisions—but one practice worth considering is a layoff freeze. The holidays can be a challenging time, and for those affected by layoffs, it can be especially hard. Instead of unexpected changes, now is a time to reflect on best practices for supporting our teams through the season. Prioritizing stability and morale not only reinforces company culture but also fosters loyalty and motivation as we enter the new year. Let's aim to create an environment where everyone can enjoy a little more peace of mind during the holidays.

Walmart's recent announcement to lay off and relocate workers is more than just corporate reshuffling; it's a signal of the seismic shifts happening in the retail industry. In a world where change is the only constant, companies like Walmart are navigating through turbulent waters by adapting their strategies. This move, although unsettling for many, is a reflection of the company's attempt to streamline operations and focus on areas of growth amidst the rapidly evolving retail landscape. But here's the twist - while layoffs are often viewed in a negative light, they can also be a catalyst for innovation and transformation. They push both individuals and companies to reevaluate their paths, adapt, and emerge stronger. For those affected, this is an opportunity to rediscover their strengths, pivot into new roles or industries, and perhaps even fuel their entrepreneurial spirit. For Walmart, it's about staying ahead in the game by optimizing their workforce and resources to meet future demands. The key takeaway? In the face of change, resilience and adaptability are your greatest assets.

This is happening in Corporate America! Weekly Newsletter/88 June 2, 2024 Pixar Animation Studios laid off 14% of its workforce, about 175 of its 1,300 workers. Lucid Motors, the electric vehicle manufacturer based in California, has announced a significant round of layoffs, affecting approximately 400 employees, constituting around 6% of its workforce. TikTok will start notifying employees of layoffs. The social media giant plans to axe about 1,000 workers. A hacker group known as ShinyHunters claims that it has hacked Ticketmaster and stolen personal information belonging to about 560 million customers. Walmart has ended its agreement with Capital One, the exclusive issuer of Walmart consumer credit cards. Walmart will eliminate 180 corporate roles at its Sunnyvale, Calif. office and 388 positions at its location in San Bruno, Calif. by Aug. 9. Most Walmart employees currently working remotely across the U.S., as well as those at Walmart’s offices in Dallas (1,472 positions), Atlanta, and Toronto, were asked to move to the firm’s headquarters in Bentonville, Ark., the San Francisco Bay Area, or Hoboken, N.Y. Walmart store manager pay can now reach over US$500,000 a year thanks to a redesigned compensation scheme. JX, the parent company of TJMaxx, MARSHALLS LLC, Homegoods and Sierra, announced a major worldwide expansion in the coming years. The company plans to open 1,300 new locations in the U.S., Canada, Europe, and Australia. The new stores would mark a 26.2% increase in their total footprint, bringing the total number of locations to over 6,200. #business #culture #logistics #cpg #hr #corporate #retail #ethics #law #compliance #nwa #leadership #ecommerce #walmart #amazon #risks #hiring #jobs #recruiting #training #automation #siliconvalley 

Massive Layoffs Mean Something to Terminated Members.... Sears, CVS, TGI Fridays, Foot Locker, Pizza Hut, Boston Market, Best Buy, Applebee's, Red Lobster, GameStop, all terminating tens of thousands of employees; and now Walgreens adding in 1200 store closings with tens of thousands more. Who cares, ClaimDOC cares. There are no great solutions to terminated members health issues but an affordable plan that fights for fairness and legally protects members to the limits of their benefit plan matters a great deal in times of need. Offering ClaimDOC as a member option is a logical strategic preparatory step every Consultant, Broker, HR Lead and CFO should review and understand. ClaimDOC Matters.