Saks Global is cutting about 640 corporate roles, or 16% of its headquarters staff and less than 4% of its total workforce, as it seeks to exit Chapter 11 bankruptcy protection this summer. The layoffs primarily affect offices in Lower Manhattan and Dallas and follow the $2.7 billion merger of Saks Fifth Avenue and Neiman Marcus Group. CEO Geoffroy van Raemdonck said the restructuring is aimed at creating a leaner operation and supporting a full-price luxury strategy. The move comes alongside a major retail footprint reduction, including Saks Fifth Avenue down to 15 stores and Saks Off 5th cut to 12, even as the company says sales and inventory are tracking above targets with support from a $500 million financing commitment.

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