Saks.com cutting staff
What: Saks.com is cutting its workforce as a result of overhiring after receiving a $500 million investment in 2021.
Why it is important: Given the low holiday 2022 sales, layoffs and cutbacks could soon be hitting the retail sector.
Saks.com is expected to reveal layoffs and cutting its workforce after overhiring in 2021 when they received a $500 million investment. The layoffs appear to be a result of a significant buildup in technology, staff, and assortments that occurred when Saks.com became its own company, in addition to the slowing rate of digital sales throughout the industry.
Sources believe that the company is more than likely looking to manage costs more in line with sales expectations.
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