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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.

I am still betting that Salesforce and Amazon's investments will help further streamline Saks Global's business operations from a technology perspective. If I were investing in this deal, I would want to see a plan that cuts layers of costs. Right now, organizations everywhere are scrambling to understand how they can leverage data and AI to remain competitive and in business. You don't make these acquisitions in the billions without major plans to prove financial worthiness of debt, you plan to reduce costs and improve operational efficiency. One hundred people is not a large layoff this is just trimming at 1.0% of staff. #retailing #strategy #ceo #technology #innovation #deaprtmentstores SAKS GLOBAL

I was previously pro Levi Strauss & Co., and just heard about the layoffs, #levislayoffs and I'm here to offer support. If you're affected and looking for guidance or new opportunities, please connect with me on LinkedIn. Let’s chat over coffee ☕ or a virtual meeting 🤝 to explore possibilities within my network that could fit your skills. Every ending can lead to a new beginning, and I'm here to help you find yours. Layoffs are not fun, but these go with working in all industries. Remember, you have a choice in your purchase decisions 🛍️. There are no fewer than 10 denim 👖 companies in the USA 🇺🇸, sourcing and manufacturing their products domestically 🏭. Let your wallet make a statement 💸📢. Here is a link to several excellent denim companies, that are respectful of their employees: https://lnkd.in/gkJiPGtf Note: Image is GPT generated, representing modern miners seeking the new Gold. #NewBeginnings #startups  #liveindenim

Recently Announced: Massive layoffs ahead at 371 .99 cent stores. Don't miss this chance to explore new opportunities! Be your own boss and take control of your future. Register now for a FREE webinar and seize the opportunity! #BusinessOpportunity #SideHustle #BeYourOwnBoss

Why layoffs are indeed a sign of poor management Layoffs are not inevitable. Companies like Patagonia, Toyota, and General Electric have avoided them for decades and thrived, Colvin says. And Apple, which experienced the same surge as its fellow Big Tech members, has not announced layoffs thanks to its cautious approach to hiring and robust talent strategy during the heady days. So what's the verdict? Are sweeping job cuts a sign of bad management? Colvin emphatically says yes. These waves of layoffs are indeed a confession of bad management. And perhaps it's time to acknowledge that the Big Tech companies created their own plight. #hopeforthefuture

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.

In today's tough job market, it's hard to ignore the news of layoffs and store closures. With 1,000 Family Dollar stores closing, and 600 of them just in 2024, the situation seems dire. According to outplacement firm Challenger, Gray & Christmas, February had the highest number of layoff announcements since the global financial crisis. A total of 84,638 planned cuts were announced, showing an increase of 3% from January and 9% from the same month a year ago. Early in 2024, companies have already listed 166,945 cuts! While no industry is immune to these challenges, some are more resistant than others. HEALTHCARE is one of them. At Spartanburg Regional Healthcare System, we are not only hiring clinical roles, but also non-clinical positions like IT, Finance, HR, Foundation, Marketing, and more. If you are looking for stability and growth, visit https://lnkd.in/gAV_QV7p to learn more about SRHS. #sayyestosrhs

Glimpses at the time of festivals... United States. September, '24 report : Companies have announced 536,421 job cuts. Last year, in the month of August, 557,057 people lost their jobs. This year, many branches of lots of stores and companies are getting closed. This retail apocalypse is an indication of the decreasing value of human employees. Since 2015, this trend has started accelerating. Shift to e-commerce and changing consumer behavior, etc, have an important role in this. Thousands of people have lost jobs in this period of historical closures. Some examples are: Sears (over 3,500 closures), Kmart (2100+ closures), JCPenny (150+ closures), Gap (350+ closures), and more. This is the time when we should give more importance to upskilling, reskilling, and continuous learning. People should think seriously about entrepreneurship and small businesses. Watch the 2010 movie The Company Men; it dealt with corporate downsizing and layoffs. Written and directed by John Wells, starring Ben Affleck, Kevin Costner, and more. (Video-rights belong to the owner)

Layoffs since 2017 can be categorized into 3-year cycles. The 2017-2019 cycle saw the retail sector leading the way. Companies like Sears and Macy’s faced pressure from fast growing ecommerce platforms and were particularly affected. The 2020-2022 was the covid19 cycle, and we saw a surge in across all sectors. Interestingly, this was mostly frontloaded to 2020, and the 3-year average was in-line with historical norms due to the cooling off period of 2021 and 2022. The 2023-2025 cycle is the one we are currently in, and this has been dominated by layoffs of knowledge workers in tech, financial services, and logistics. The rise of AI is a catalyst, but so is the complacency that came with a gluttonous 2021 and 2022. As the final year of this layoff cycle approaches, what are you doing to increase performance at work?