NEW YORK (

TheStreet

) --

Saks

(SKS)

really knows how to wish its employees a Merry Christmas ... by cutting 116 jobs from its New York Fifth Avenue store immediately after the holidays.

According to the

New York Post

, the high-end department store will eliminate employees from its cosmetics and fragrance department by the end of January, right after the holiday rush.

While other luxury retailers are starting to see a slight sales rebound, Saks continues to suffer. In November, its same-store sales tanked 26.1%. By comparison, rival

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Nordstrom

(JWN) - Get Report

posted a 2.2% increase.

-- Reported by Jeanine Poggi from New York

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