Luxury retail giant Saks Global is cutting 16% of its corporate jobs as it prepares to emerge from Chapter 11 bankruptcy later this year. The company, the parent company of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks Off 5th, has already closed several stores and cut over 1,200 jobs across the U.S. The job cuts do not include store or distribution-center positions and represent less than 4% of the company’s total workforce. The layoffs come as the company reaches a major milestone in its bankruptcy case, with approval from the US.