#restructuring

That whole layer is bloated beyond belief.

It means more layoffs than originally expected
The company is shrinking parts of its workforce in response to the increased efficiency of AI models

The company has engaged a specialized executive search firm to identify an interim HR leader with proven expertise in workforce restructuring and deep knowledge of Texas employment law.

WWD.com EXCLUSIVE: Navigating the Saks Global Bankruptcy — the Roadmap Ahead

CEO Geoffroy van Raemdonck details progress in the Chapter 11 proceedings, what to expect in the coming weeks, and plans for getting Saks Global back on its feet.
By
DAVID MOIN
Plus Icon
MARCH 13, 2026, 12:01AM

Saks Global is expected to emerge from bankruptcy proceedings before the end of the year with new ownership, a five-year business plan, and a strategy designed to better differentiate the merchandising and marketing of Saks Fifth Avenue and Neiman Marcus.
“It’s moving faster than I anticipated,” Geoffroy van Raemdonck, chief executive officer of Saks Global, told WWD, exclusively discussing the Saks Global Chapter 11 bankruptcy proceedings and what to expect in the coming weeks. “We were able to make very decisive decisions in less than 60 days, to focus on luxury.”

Since Saks Global filed for Chapter 11 bankruptcy protection on Jan. 13, “Step one was to get the financing. Step two was to get the inventory, and now we are really focused on the vision for the future — and how the company is going to be structured when it emerges from bankruptcy,” van Raemdonck said. “The restructuring plan is going to be filed in weeks from now, and that will detail how this company will be structured, from a business plan, from a capital structure, post emerging.”

The plan is being formulated by Saks Global in negotiations with creditors, who will vote on the plan, which then must get final approval by the bankruptcy court for the company to emerge from bankruptcy.
“What the business plan will show is that we have a plan of action to drive sales, to grow from a smaller footprint, and to be significantly more profitable,” van Raemdonck said. “It is also going to demonstrate that we have ample liquidity to operate and fund the business, as well as generate free cash flow to invest in the business over the next five years. That’s what this business plan will be detailing.”

“What’s changed over the last two months is that we have $1.75 billion of committed capital. We have $825 million that we’ve received, and we are receiving another $300 million in a matter of days or weeks. It’s really, really close…When we entered the [bankruptcy] process, we received DIP (debtor-in-possession) financing and we put in a topline revenue budget and a budget for receiving inventory, and we are exceeding both the revenue budget and the amount of inventory we are receiving, which is very encouraging.

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

Saks Global has indicated that post-petition invoices for merchandise receipts will be paid pursuant to current terms, which are set at 90 days from receipt of goods, though payment terms can vary by brand. It’s expected that if and when Saks Global emerges from bankruptcy, payment terms would revert to those that were in place prior to Saks Global’s acquisition of Neiman Marcus Group, though a schedule for paying vendors must be approved by the bankruptcy court judge. Thirty- to 60-day payment terms are the industry standard.
Under Saks Global’s prior regime, the company largely lost the support of the fashion industry due to its failure to pay bills for several seasons and a host of unmet promises. Consequently, the stores were depleted of merchandise, market share was lost, and competitors, most notably Bloomingdale’s and Nordstrom, have been taking advantage of the situation by aggressively working to add designers they did not previously sell, and provide more space in their stores to certain designers that they already did sell.

But at Saks Global, much has happened in the two months since going bankrupt to obtain financing to replenish inventories and maintain operations and set a new foundation for a potentially more viable — and streamlined — future.
It’s expected that through a debt-for-equity swap, key bondholders, including Pentwater Capital and Bracebridge Capital leading the lending group arranging a $1.75 billion financing package for Saks Global in bankruptcy, will become owners in Saks Global. In effect, Saks Global will become a new debt-free or near debt-free company post bankruptcy. Hudson Bay Co., Amazon, Authentic Brands Group, and G-III all had equity stakes in Saks Global going into the bankruptcy, but it’s anticipated they will see the value of those shares slip away in the court-led process.

Chapter 11 bankruptcy enables a retailer to get out of leases without penalty. Saks Global is closing 20 Saks Fifth Avenuestores, leaving just 13 operating, including the Fifth Avenue flagship in Manhattan, and shutting four Neiman Marcus units, leaving 32 operating. In addition, Saks Fifth Avenue was pulled off Amazon.com; one distribution center was closed, leaving three operating, though three others were closed pre-bankruptcy, leaving the company with its newest facilities that provide better service, and 57 Saks Off 5th stores are being shuttered, leaving just 12 for the time being. Saks Global has also shut down the Horchow catalogue and the five Last Call clearance centers for Neiman Marcus.

Saks Global volume was listed at about $7.3 billion shortly after the Neiman’s acquisition in fiscal 2024, before the streamlining.
Saks Global executives leave open the possibility that a few more Saks or Neiman’s stores could close.
There has been speculation of asset sales, including Bergdorf Goodman. Asked about that, van Raemdonck replied: “We are always going to continue to look at the footprint, the assets, we have. That’s normal course of business. But today, there are no active conversations about any asset sales.”

Upon going bankrupt, a new management team was set with a blend of senior executives from Saks Fifth Avenue and Neiman Marcus. Van Raemdonck became CEO of Saks Global in January, after sitting on the sidelines of luxury retailing for a year. He had been CEO of the Neiman Marcus Group for nearly seven years until it was purchased by Saks Global.

“I came back because I have a belief in what Saks Global can be, and I’m confident that we can emerge as a strong business,” van Raemdonck told WWD. “What you’re seeing is someone who is very matter-of-fact and very confident. I didn’t have to do this. But I did this out of belief that Saks Global will be successful, and I’m willing to put my reputation on the line.”
Van Raemdonck said he believes combining Saks Fifth Avenue and the Neiman Marcus Group into Saks Global is a good idea. “The merger made a lot of sense to me, because by bringing the two best players in the industry that have three banners [Saks, Neiman’s and Bergdorf’s] you get to attain a certain level of scale and synergies that help your overall profitability and ability to invest.”

Cost Savings
Navigating through the bankruptcy is further challenged by the ongoing systems integrations and consolidations initiated when Saks Global bought NMG for $2.7 billion in December 2024. The goal has been to achieve hundreds of millions of dollars in cost savings by centralizing and eliminating duplicative functions, such as accounting, planning, human resources, legal and distribution facilities. There is now one buying team for Neiman’s and Saks, and one marketing team serving Bergdorf’s, Neiman’s, and Saks. Bergdorf’s has its own buying team. Savings will also be attained through store closings, leading to layoffs and payroll reductions.

Aside from cost savings, the combined business should benefit from access to greater data, sharing best practices, enhanced personalization, and increased use of AI. Merging loyalty programs is a possibility. For example, using each retailer’s credit cards to shop could earn points valid at both Saks and Neiman’s. Or spending enough at either store could lead to access to invitation-only events at both Saks and Neiman’s.
Van Raemdonck described Saks Fifth Avenue and Neiman Marcus as the same yet different — both operating as multibrand luxury retailers but doing it in different ways.
“Neiman Marcus has been a relationship business and very focused on omnichannel, and on wholesale, and the metric of success was profitability,” he said. “Saks was a business that was focused on growth, on digital, and adopted the marketplace format much more, and it didn’t have the same level of profitability,” van Raemdonck said.

“They were both were operating with distinct strategies that resonated with the customer, but with a different impact on profitability and generation of cash flow.”
Sources have told WWD that among true luxury brands — such as Chanel, Dior, and Giorgio Armani — there’s been about 90 percent overlap between Saks and Neiman’s. But Saks has been emphasizing a wider range of categories and price points, attracting a broader demographic, and has been aggressive trying to build business online. Saks stores house many more leased designer shops than Neiman’s, which has long been reluctant to open leased shops but in recent seasons has opened some.
By virtue of its Fifth Avenue flagship being a major tourist attraction, Saks has more international recognition than Neiman’s. In fiscal 2025, the flagship saw nearly 3 million shoppers from over 150 countries, and generated three times the amount of business as the largest Neiman Marcus stores, according to Saks Global.
As van Raemdonck pointed out, Neiman’s has maintained its focus on its wealthiest customers, through exclusive offerings, personal service and VIP-type events. Neiman’s has a track record of providing deeper, broader assortments of each of the top luxury collections it sells, and has a stronger selling culture than Saks.
Differentiating the Banners
Regarding the future of Saks and Neiman’s, van Raemdonck said, “We want to separate and differentiate them. As a point of reference, if you take the six markets where Saks and Neiman’s are either in the same mall, or across the street like in Beverly Hills, the overlapping customer is between 10 and 15 percent which [means] the customer is telling us they’re different brands. And in the future, we want to make them even more different, so that there’s a reason to shop in both of them, or to be deeply loyal with one of them.”

Asked how that’s accomplished, van Raemdonck said, “It’s in the positioning. It’s in the expression, in the assortment, and it can be the same brands [sold at both stores], but the assortment should be slightly different,” meaning each having a different merchandise edit.
“The Saks customer likes to express herself through fashion, but she needs a little bit more guidance in choosing the fashion that is right for her,” van Raemdonck said. “The Neiman’s customer is a fashion customer who has her own sense of taste, loves color, and loves newness, and so their way of approaching the same element of fashion and newness is slightly different.”
Discussing Saks Global overall, van Raemdonck boasted, “We have the largest base of highly engaged luxury customers. Fifty to 60 percent of our sales are with customers who shop seven to nine times a year with us, depending on the retail banner. They spend more than $5,000 with us, and we retain more than 80 percent of them. Forty percent of our sales come from customers who spend $10,000 or more with us. And so the majority of our sales are from loyal customers and when you shop seven to nine times a year, you’re deeply loyal. We have a retention rate of 90 percent from top customers.”
One of the big challenges in a bankruptcy is retaining employees and communicating to all constituencies concerned that the company isn’t disappearing and has a future, even in a downsized state.
“We are doing this very, very frequently and very openly, because transparency is critical,” van Raemdonck said. “This morning I was talking with our employees in Bangalore. We have a whole team there that supports us across all functions,” including creative, planning, merchandising and payroll functions. “This Monday, we had what we call an ‘All Access,’ meeting which is our all-employee town hall. We call it All Access because everyone gets a front row seat [it’s a virtual meeting] and everyone gets access to the information.” It’s a monthly event. “And then we meet with our leadership council, the top 50 people in the organization, every other week. And every week, we talk with the ad hoc group of creditors, and we are meeting in person with the unsecured creditor committee [Thursday] to share with them our business plans. So the communication is very, very frequent. We communicate with brands on a very frequent basis, at my level, and then Lana [Todorovich, chief global brands partnerships officer] is with the brands on a daily basis.

“We have more than 1,500 sales associates who sell at least $1 million per year and in aggregate deliver more than $2.8 billion of revenue,” the CEO added. “Over the last 12 months, our attrition rate amongst top sellers that sell more than $3 million annually is in the low-single digits.”

WWD.com EXCLUSIVE: Navigating the Saks Global Bankruptcy — the Roadmap Ahead

CEO Geoffroy van Raemdonck details progress in the Chapter 11 proceedings, what to expect in the coming weeks, and plans for getting Saks Global back on its feet.
By
DAVID MOIN
Plus Icon
MARCH 13, 2026, 12:01AM

Saks Global is expected to emerge from bankruptcy proceedings before the end of the year with new ownership, a five-year business plan, and a strategy designed to better differentiate the merchandising and marketing of Saks Fifth Avenue and Neiman Marcus.
“It’s moving faster than I anticipated,” Geoffroy van Raemdonck, chief executive officer of Saks Global, told WWD, exclusively discussing the Saks Global Chapter 11 bankruptcy proceedings and what to expect in the coming weeks. “We were able to make very decisive decisions in less than 60 days, to focus on luxury.”

Since Saks Global filed for Chapter 11 bankruptcy protection on Jan. 13, “Step one was to get the financing. Step two was to get the inventory, and now we are really focused on the vision for the future — and how the company is going to be structured when it emerges from bankruptcy,” van Raemdonck said. “The restructuring plan is going to be filed in weeks from now, and that will detail how this company will be structured, from a business plan, from a capital structure, post emerging.”

The plan is being formulated by Saks Global in negotiations with creditors, who will vote on the plan, which then must get final approval by the bankruptcy court for the company to emerge from bankruptcy.
“What the business plan will show is that we have a plan of action to drive sales, to grow from a smaller footprint, and to be significantly more profitable,” van Raemdonck said. “It is also going to demonstrate that we have ample liquidity to operate and fund the business, as well as generate free cash flow to invest in the business over the next five years. That’s what this business plan will be detailing.”

“What’s changed over the last two months is that we have $1.75 billion of committed capital. We have $825 million that we’ve received, and we are receiving another $300 million in a matter of days or weeks. It’s really, really close…When we entered the [bankruptcy] process, we received DIP (debtor-in-possession) financing and we put in a topline revenue budget and a budget for receiving inventory, and we are exceeding both the revenue budget and the amount of inventory we are receiving, which is very encouraging.

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

“Yes, we had a problem of liquidity,” van Raemdonck admitted. “It led to a problem of inventory and performance. That was the summary of last year. The summary of this year is we are through a financial restructuring that gives us access to liquidity and allows us to refocus the business on the most valuable assets we have, and when we emerge later this year, we will be able to perform at the level we want.”
Inventory Flowing In
While there’s no guarantee that Saks Global successfully emerges from bankruptcy this year, van Raemdonck, while being interviewed from the Brookfield Place headquarters of Saks Global in lower Manhattan, cited progress in the court proceedings, and expressed gratitude that many designers and brands have either continued or resumed shipping the luxury retailer. He said brands have committed to close to $1.3 billion of inventory.
“That’s 80 percent of the [spring] season that we need to have. And that number is growing week by week,” he said. “I was looking at our receipts this month — they’re up 63 percent compared to last year, and from February to this month to date, we are up 15 percent… We have many, many brands, but if you take our top 100 or 200 brands, none have said they’re not going to do business with us going forward. Brands are really catching up very fast and supporting us. I don’t take that for granted. We need — and we are — actively rebuilding their trust.”

Saks Global has indicated that post-petition invoices for merchandise receipts will be paid pursuant to current terms, which are set at 90 days from receipt of goods, though payment terms can vary by brand. It’s expected that if and when Saks Global emerges from bankruptcy, payment terms would revert to those that were in place prior to Saks Global’s acquisition of Neiman Marcus Group, though a schedule for paying vendors must be approved by the bankruptcy court judge. Thirty- to 60-day payment terms are the industry standard.
Under Saks Global’s prior regime, the company largely lost the support of the fashion industry due to its failure to pay bills for several seasons and a host of unmet promises. Consequently, the stores were depleted of merchandise, market share was lost, and competitors, most notably Bloomingdale’s and Nordstrom, have been taking advantage of the situation by aggressively working to add designers they did not previously sell, and provide more space in their stores to certain designers that they already did sell.

But at Saks Global, much has happened in the two months since going bankrupt to obtain financing to replenish inventories and maintain operations and set a new foundation for a potentially more viable — and streamlined — future.
It’s expected that through a debt-for-equity swap, key bondholders, including Pentwater Capital and Bracebridge Capital leading the lending group arranging a $1.75 billion financing package for Saks Global in bankruptcy, will become owners in Saks Global. In effect, Saks Global will become a new debt-free or near debt-free company post bankruptcy. Hudson Bay Co., Amazon, Authentic Brands Group, and G-III all had equity stakes in Saks Global going into the bankruptcy, but it’s anticipated they will see the value of those shares slip away in the court-led process.

Chapter 11 bankruptcy enables a retailer to get out of leases without penalty. Saks Global is closing 20 Saks Fifth Avenuestores, leaving just 13 operating, including the Fifth Avenue flagship in Manhattan, and shutting four Neiman Marcus units, leaving 32 operating. In addition, Saks Fifth Avenue was pulled off Amazon.com; one distribution center was closed, leaving three operating, though three others were closed pre-bankruptcy, leaving the company with its newest facilities that provide better service, and 57 Saks Off 5th stores are being shuttered, leaving just 12 for the time being. Saks Global has also shut down the Horchow catalogue and the five Last Call clearance centers for Neiman Marcus.

Saks Global volume was listed at about $7.3 billion shortly after the Neiman’s acquisition in fiscal 2024, before the streamlining.
Saks Global executives leave open the possibility that a few more Saks or Neiman’s stores could close.
There has been speculation of asset sales, including Bergdorf Goodman. Asked about that, van Raemdonck replied: “We are always going to continue to look at the footprint, the assets, we have. That’s normal course of business. But today, there are no active conversations about any asset sales.”

Upon going bankrupt, a new management team was set with a blend of senior executives from Saks Fifth Avenue and Neiman Marcus. Van Raemdonck became CEO of Saks Global in January, after sitting on the sidelines of luxury retailing for a year. He had been CEO of the Neiman Marcus Group for nearly seven years until it was purchased by Saks Global.

“I came back because I have a belief in what Saks Global can be, and I’m confident that we can emerge as a strong business,” van Raemdonck told WWD. “What you’re seeing is someone who is very matter-of-fact and very confident. I didn’t have to do this. But I did this out of belief that Saks Global will be successful, and I’m willing to put my reputation on the line.”
Van Raemdonck said he believes combining Saks Fifth Avenue and the Neiman Marcus Group into Saks Global is a good idea. “The merger made a lot of sense to me, because by bringing the two best players in the industry that have three banners [Saks, Neiman’s and Bergdorf’s] you get to attain a certain level of scale and synergies that help your overall profitability and ability to invest.”

Cost Savings
Navigating through the bankruptcy is further challenged by the ongoing systems integrations and consolidations initiated when Saks Global bought NMG for $2.7 billion in December 2024. The goal has been to achieve hundreds of millions of dollars in cost savings by centralizing and eliminating duplicative functions, such as accounting, planning, human resources, legal and distribution facilities. There is now one buying team for Neiman’s and Saks, and one marketing team serving Bergdorf’s, Neiman’s, and Saks. Bergdorf’s has its own buying team. Savings will also be attained through store closings, leading to layoffs and payroll reductions.

Aside from cost savings, the combined business should benefit from access to greater data, sharing best practices, enhanced personalization, and increased use of AI. Merging loyalty programs is a possibility. For example, using each retailer’s credit cards to shop could earn points valid at both Saks and Neiman’s. Or spending enough at either store could lead to access to invitation-only events at both Saks and Neiman’s.
Van Raemdonck described Saks Fifth Avenue and Neiman Marcus as the same yet different — both operating as multibrand luxury retailers but doing it in different ways.
“Neiman Marcus has been a relationship business and very focused on omnichannel, and on wholesale, and the metric of success was profitability,” he said. “Saks was a business that was focused on growth, on digital, and adopted the marketplace format much more, and it didn’t have the same level of profitability,” van Raemdonck said.

“They were both were operating with distinct strategies that resonated with the customer, but with a different impact on profitability and generation of cash flow.”
Sources have told WWD that among true luxury brands — such as Chanel, Dior, and Giorgio Armani — there’s been about 90 percent overlap between Saks and Neiman’s. But Saks has been emphasizing a wider range of categories and price points, attracting a broader demographic, and has been aggressive trying to build business online. Saks stores house many more leased designer shops than Neiman’s, which has long been reluctant to open leased shops but in recent seasons has opened some.
By virtue of its Fifth Avenue flagship being a major tourist attraction, Saks has more international recognition than Neiman’s. In fiscal 2025, the flagship saw nearly 3 million shoppers from over 150 countries, and generated three times the amount of business as the largest Neiman Marcus stores, according to Saks Global.
As van Raemdonck pointed out, Neiman’s has maintained its focus on its wealthiest customers, through exclusive offerings, personal service and VIP-type events. Neiman’s has a track record of providing deeper, broader assortments of each of the top luxury collections it sells, and has a stronger selling culture than Saks.
Differentiating the Banners
Regarding the future of Saks and Neiman’s, van Raemdonck said, “We want to separate and differentiate them. As a point of reference, if you take the six markets where Saks and Neiman’s are either in the same mall, or across the street like in Beverly Hills, the overlapping customer is between 10 and 15 percent which [means] the customer is telling us they’re different brands. And in the future, we want to make them even more different, so that there’s a reason to shop in both of them, or to be deeply loyal with one of them.”

Asked how that’s accomplished, van Raemdonck said, “It’s in the positioning. It’s in the expression, in the assortment, and it can be the same brands [sold at both stores], but the assortment should be slightly different,” meaning each having a different merchandise edit.
“The Saks customer likes to express herself through fashion, but she needs a little bit more guidance in choosing the fashion that is right for her,” van Raemdonck said. “The Neiman’s customer is a fashion customer who has her own sense of taste, loves color, and loves newness, and so their way of approaching the same element of fashion and newness is slightly different.”
Discussing Saks Global overall, van Raemdonck boasted, “We have the largest base of highly engaged luxury customers. Fifty to 60 percent of our sales are with customers who shop seven to nine times a year with us, depending on the retail banner. They spend more than $5,000 with us, and we retain more than 80 percent of them. Forty percent of our sales come from customers who spend $10,000 or more with us. And so the majority of our sales are from loyal customers and when you shop seven to nine times a year, you’re deeply loyal. We have a retention rate of 90 percent from top customers.”
One of the big challenges in a bankruptcy is retaining employees and communicating to all constituencies concerned that the company isn’t disappearing and has a future, even in a downsized state.
“We are doing this very, very frequently and very openly, because transparency is critical,” van Raemdonck said. “This morning I was talking with our employees in Bangalore. We have a whole team there that supports us across all functions,” including creative, planning, merchandising and payroll functions. “This Monday, we had what we call an ‘All Access,’ meeting which is our all-employee town hall. We call it All Access because everyone gets a front row seat [it’s a virtual meeting] and everyone gets access to the information.” It’s a monthly event. “And then we meet with our leadership council, the top 50 people in the organization, every other week. And every week, we talk with the ad hoc group of creditors, and we are meeting in person with the unsecured creditor committee [Thursday] to share with them our business plans. So the communication is very, very frequent. We communicate with brands on a very frequent basis, at my level, and then Lana [Todorovich, chief global brands partnerships officer] is with the brands on a daily basis.

“We have more than 1,500 sales associates who sell at least $1 million per year and in aggregate deliver more than $2.8 billion of revenue,” the CEO added. “Over the last 12 months, our attrition rate amongst top sellers that sell more than $3 million annually is in the low-single digits.”

Trulieve, Florida’s largest medical mari--ana company, announced layoffs. Over 50 employees at a Clearwater call center will be affected. The company cited business restructuring for the permanent mass layoff. This decision followed a report of $1.2 billion in 2025 profits. Trulieve also reported record cash flow last year.

https://www.wfla.com/news/pinellas-county/trulieve-announces-mass-layoff-at-clearwater-call-center/amp/

Rockford Public Schools announced layoffs. This action addresses a projected $15 million budget deficit. The district will lay off 110 central office and non-classroom employees. These cuts are part of a restructuring plan. The goal is to maintain long-term financial stability.

Rockford, IL

https://www.rrstar.com/story/news/local/2026/03/12/rockford-public-schools-to-cut-jobs-to-close-budget-deficit/89125389007/

Multiple Illinois companies have issued Worker Adjustment and Retraining (WARN) Act notices. These notices indicate upcoming layoffs for hundreds of employees statewide. Walgreens announced over 400 job cuts at its Deerfield headquarters and other locations. H&M also reported 181 layoffs as part of a restructuring plan. Other companies like First Brands Group and Wells Fargo also filed notices.

https://www.nbcchicago.com/news/local/hundreds-of-workers-across-illinois-to-be-laid-off-in-coming-months-warn-act-shows/3906996/

https://www.fiercebiotech.com/biotech/evotec-reveals-sweeping-800-person-layoffs-more-site-closures-restructuring-rolls

Oracle 10Q (March 2026)
ORACLE $2.1 BILLION IN RESTRUCTURING ACTIVITIES

RESTRUCTURING ACTIVITIES
Fiscal 2026 Oracle Restructuring Plan
During the first nine months of fiscal 2026, our management approved, committed to, initiated and further supplemented plans to restructure and further
improve efficiencies in our operations due to our acquisitions and certain other operational activities (2026 Restructuring Plan). The total estimated
restructuring costs associated with the 2026 Restructuring Plan are up to $2.1 billion and will be recorded to the restructuring expense line item within our
condensed consolidated statements of operations as they are incurred through the end of the plan. We recorded $156 million and $982 million of
restructuring expenses in connection with the 2026 Restructuring Plan for the three and nine months ended February 28, 2026, respectively. Any changes to
the estimates of executing the 2026 Restructuring Plan will be reflected in our future results of operations.

https://investor.oracle.com/sec-filings/sec-filings-details/default.aspx?FilingId=19237933

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/751a926c-6f62-4baf-8f51-80cbcafdc616.pdf

In 2024 Canon USA and Canada reduced workforce by roughly 14%. Melville and Boca saw a reduction of almost 150 employees. A North American wide restructuring.

In January 2025 CUSA and CSA merged.

March 2026 Canon USA announces new Americas Wide Production Print

Present Day, two years later. Most jobs eliminated have been restaffed, hiring is on the increase again. Almost a ditto of the COVID layoffs and then restaffing leading up to the 2024 RIF.

Revenue from sales is still below pre covid 2019 levels, staffing has increased, customer service and product reliability are still subpar.

Disparity between OCe management and Japan management still exists, BOCA management and Melville management at all time division.

Americas production print still not offering all the industrial equipment that the rest of world already does, a repeat of 2020 management.

Has nothing changed over the past 6 years. Will 2026 be Groundhog Day all over again?

Is it not obvious how siloed the company continues to become. No, I don't work for Canon, nor do I have any ax to grind, just stating the outward facing facts and observation. Where are the gains from all the restructuring from 2020 to 2024 to 2026?

Evotec announced a new phase of its strategic reorganization. The plan includes laying off approximately 800 employees. Four company sites will also be closed as part of this initiative. This "Horizon" transformation aims to generate 75 million euros in savings by 2027. These cuts follow 600 previous job reductions between 2024 and 2025.

https://www.fiercebiotech.com/biotech/evotec-reveals-sweeping-800-person-layoffs-more-site-closures-restructuring-rolls

When EH first came on, he mentioned how Nike would be turning a new page and lay offs wouldn’t be like the past. More of a restructuring of roles rather than saying goodbye to teammates. Since then, it’s been lay-off after layoffs, more than the JD era it seems. And even with all these lay offs, the stock is lower than it’s ever been. Maybe he was just blowing smoke up our as--s, but makes it hard to trust leadership when they do the opposite of what they promise and then also kicks our stock/part of our pay in the gonads. Just get a double whammy.

Guys, look there is a plan.. plan is signed off (hence all hands today)
The plan is to close, exist or sell most
Of EMEA

Check the 10-Q
ORCL has increased the budget for restructuring
Look at https://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/751a926c-6f62-4baf-8f51-80cbcafdc616.pdf and search for "Restructuring Plan"

$982m has been spent from a budget of $2,103

That means over $1.1bn will be spent on restructuring (layoffs) in Q4.

The storm is coming

Crunchyroll is experiencing a new round of job reductions. This follows previous job cuts from Summer 2025. The company confirmed a new restructuring for 2026. A former Senior Product Designer announced her departure. The total number of affected employees remains unconfirmed.

https://www.imdb.com/fr/news/ni65744821/?ref_=tt_nwr_1

Harry & David's Medford location has reportedly laid off about 100 employees. One affected worker confirmed their termination to NewsWatch 12. The company cited restructuring and a need for cuts due to financial difficulties. Employees received no prior warning about these unexpected layoffs. NewsWatch 12 is seeking further details from Harry & David and 1-800-Flowers.

Medford, Oregon

https://www.kdrv.com/news/top-stories/one-confirmed-harry-david-employee-was-laid-off-with-about-100-layoffs-reported/article_feed4db5-42d7-4349-94d3-8f19026c9179.html

Heard a rumor that this restructuring led to somewhere near 50 people getting title changes like “soft demotions“ and it’s in these people didn’t even lose their salary but they’re going to be asked to train others on what they do and then demote them further (with pay cut) or eliminate them by end of Q4

We know there's another $600M for 'restructuring' left in this fiscal year, and we know another RIF is likely coming in Q1/June. So wtf, when is the axe going to fall next?

the remaining restructuring budget mentioned in report is : $639M

if they target high-pay areas (US/Canada Seniors): The number of layoffs will be lower (closer to 10k–12k) because the $639M will run out faster.

If they target low-pay areas (Global Support/QA): They can easily hit the 20,000 number to reach that 30k total. - this include the 10k from late 2025 as its under the same budget mentioned in the earning reports

here is the break down
$1.6 billion restructuring programme,

Phase 1 (Done) ~10,000 layoffs , $961M - this was late 2025

Remaining
Phase 2 (Now March-May) $639M

if they layoff from low paying areas then yes 20k is still to go , if its higher paid areas
then number will be lower , will see

what do you think ?

Lake Worth ISD Superintendent Mark Ramirez resigned. District trustees also approved staff layoffs. These cuts are part of a campus restructuring plan. The changes focus on Miller Language Academy. This follows state intervention for poor academic performance.

https://fortworthreport.org/2026/03/10/lake-worth-schools-superintendent-ramirez-resigns-trustees-approve-layoffs/

Effective 4/1 , every reps account assignments will be slimmed down to 20-40 accounts in total. The remainder will be moved to inside sales. Expect more layoffs, compensation will be moved to net new client acquisition (make the same but you have to convince new businesses to work with this horrendous business - in other words , make a lot less). Good luck everyone. I feel sorry for all the great customers that will no longer have the coverage they need to support them. This is embarrassing.

I saw some comments about how there is a push from leadership to restructure teams into a 30:70 - U.S.:HIH split.

I wanted to see if multiple people can verify this.

I know HIH is growing and they’re cutting US FTE but how true is the 30:70 split? If it’s true, then that’s all of us finished in the US

Tech layoffs reached over 45,000 globally in early 2026. Approximately 20% of these reductions, totaling over 9,200 jobs, are linked to AI implementation. Block accounted for the largest single cut with 4,000 layoffs, driven by AI tool capabilities. Other companies like WiseTech Global, Livspace, eBay, and Pinterest also reduced staff due to AI strategies. Firms are restructuring operations around AI-driven workflows to boost efficiency and automate tasks.

https://technode.global/2026/03/09/2026-tech-layoffs-reach-45000-in-march-more-than-9200-due-to-ai-and-automation-rationalfx/

Restructuring solves nothing, breaks plenty. Vacancies never get filled, teams just get more stretched and bitter.

And they always cut the wrong people. Not that the rest of us are useless. We're not. But without fail, they boot the one person who actually mattered - the skilled one, the experienced one, the glue who kept the team from falling apart. Every single time.

It boggles the mind, really. Especially when you see the same pattern repeating itself for so many years.

SK On laid off nearly 1,000 workers. The layoffs occurred at its Georgia battery plant. The decision stems from slowing electric vehicle demand. This reduction affects about 37 percent of the plant's workforce. The company cited restructuring efforts and market conditions.

https://hr.economictimes.indiatimes.com/news/workplace-4-0/talent-management/sk-on-lays-off-nearly-1000-workers-at-us-battery-plant-amid-ev-slowdown/129202614

BlueOval SK is reducing its workforce by 150 positions. This action follows a restructuring of its U.S. battery manufacturing operations. The joint venture between Ford Motor Co. and SK On is dissolving. SK On will now solely own and operate the Tennessee plant. Affected employees will receive regular pay and benefits for 60 days.

https://www.commercialappeal.com/story/money/business/2026/03/06/blueoval-sk-to-layoff-150-workers-tennessee/89024992007/

With the reorganization that’s been happening lately, and hearing there may be more changes coming, it seems like it could be part of preparing the company for a smoother acquisition.

In situations like this, layoffs sometimes continue periodically leading up to a sale. After the deal is completed, there’s often another round of restructuring during the integration phase, which can happen about six months to a year after the sale. In some cases, there may even be another round if the acquiring company decides to consolidate teams or overlapping roles.

Are we done with the big changes or is there still more planned and coming soon?

https://www.reuters.com/sustainability/sustainable-finance-reporting/nike-records-300-million-restructuring-charges-after-recent-layoffs-2026-03-05/

300$ million sounds like a really high number and not adequately explained by recent Converse and DC actions, IMO. point being the upcoming purge is going to be big!
Please comment.

Hi all,

I recently received an offer from PayPal. However, I’ve been seeing a lot of concerns on Blind about potential layoffs, especially with the recent CEO change and stock price drops.

Does anyone know how PayPal typically handles layoffs with very recent hires? Are new hires usually affected in restructuring rounds?

Also, if layoffs were to happen, how soon will be?

Any insights from current or former employees would be really helpful. Thanks!

Morgan Stanley will reduce its workforce by three percent. Around 2,500 staff members will be affected. The firm aims for strategic restructuring and efficiency. This follows a similar workforce reduction in March 2025. Other financial firms have also announced recent job cuts.

https://eand.co/morgan-stanley-layoffs-bank-to-cut-3-workforce-across-divisions

https://x.com/TheLayoff/status/2029461591302058183

Grok Summary:

• The post signals renewed layoff activity at Citigroup based on user reports and traffic surges on TheLayoff.com, aligning with the bank's multi-year plan to cut 20,000 jobs by end-2026 through restructuring and cost efficiencies.

• January 2026 saw 1,000 roles eliminated, with March targeting managing directors and senior staff in areas like KYC and AML, as confirmed by Reuters and Bloomberg reports, amid AI automation and offshoring to sites like Costa Rica.

• Employee discussions highlight risks for transformation and consent order roles, including 141 New Jersey positions via WARN notices for May-June separations, reflecting broader banking sector pressures on non-core functions.

• Key details on KYC-related layoffs in 2026 include:*

• Onshore KYC impacts in Florida: Recent reports indicate layoffs in KYC teams (including KYC Cards) in Miami, Fort Lauderdale, and Tampa. The work is reportedly being offshored to Costa Rica, with users noting struggles in handling cases post-transition due to cost-cutting priorities.

• KYC Small Business in San Antonio: An entire department (around 35 people) was reportedly laid off following a department-wide meeting (noted around a 10 AM Central time slot with a C14-level executive).

• Broader compliance/AML ties: Discussions mention AML (Anti-Money Laundering) impacts in locations like Tampa, often bundled with KYC under compliance/transformation efforts. Earlier threads queried whether KYC/AML teams (e.g., in Charlotte, NC) would be hit in March or June waves.

• Related WARN filings: Citigroup filed WARN notices in New Jersey affecting 141 employees, with separations scheduled between May 21 and June 14, 2026 (statewide, including Jersey City). These are part of the ongoing restructuring but not explicitly tied to KYC in public filings - though compliance roles often fall under such cuts.

Operation and Region reductions are coming in Q1 which will result in Layoffs for ODs, SSEMs, RMs, SEMs, AEs, and SEs.

Electronic Arts is cutting staff at its Vancouver-based Full Circle studio. These layoffs occur during a period of broad corporate change for the company. Management is reiterating support for ongoing projects like Skate. This restructuring aims to tighten execution around key franchises. The company is also managing a complex $55 billion acquisition process.

Vancouver, British Columbia, Canada

https://simplywall.st/stocks/us/media/nasdaq-ea/electronic-arts/news/electronic-arts-layoffs-test-confidence-in-skate-and-us55b-b

KSAT-12 implemented layoffs affecting about 20 employees. The station confirmed these were staffing adjustments. A producer said no one expected the job cuts. Affected employees received severance pay. The company cited a changing media climate and restructuring.

https://www.expressnews.com/lifestyle/article/ksat-layoffs-21953161.php

Bluum, a tech services company, will close its Irving facility. The company communicated this decision to the state. Bluum cited "strategic restructuring" as the reason. This explanation was provided in an official letter. The closure specifically impacts the Irving operation.

https://www.bizjournals.com/dallas/news/2026/03/02/tech-services-co-wine-distributor-plan-layoffs.html

BrewDog's UK brewing operations and 11 pubs were sold for $44 million. Tilray Brands acquired these assets after BrewDog entered administration. The restructuring led to 484 job losses and 38 UK bar closures. Small investors in BrewDog's crowdfunding program will not see a return. Tilray is separately negotiating to acquire BrewDog's U.S. and Australian assets.

Columbus, Ohio

https://www.columbusnavigator.com/brewdog-ownership-changes/

Boulder City Hospital will lay off approximately 70 employees. It is also ending several services, including patient stays over 24 hours. The facility is transitioning to a rural emergency hospital designation by May 1. This restructuring is driven by financial conditions and funding changes. The new designation provides financial incentives, including a significant annual subsidy.

https://www.fox5vegas.com/2026/03/03/boulder-city-hospital-layoffs-service-cuts-coming-facility-shifts-rural-emergency-designation/