Saks Global to Close 15 Additional Stores in Bankruptcy Fallout

Saks Global is closing additional stores as part of its Chapter 11 bankruptcy proceedings. The company plans to shutter 15 more department stores, including Saks Fifth Avenue and Neiman Marcus locations, to focus on profitable high-end markets.

Store Closures Announced

The announced closures will affect major retail areas such as Chicago, Las Vegas, San Antonio, and Tysons, Virginia. These stores are expected to remain open until the end of May. Following the closures, Saks Global will operate 13 Saks Fifth Avenue and 32 Neiman Marcus stores.

Impact on Iconic Brands

Bergdorf Goodman stores in Manhattan will remain open, alongside personal styling suites at the Saks Fifth Avenue flagship location. The downsizing follows a challenging year for the company due to its significant debt load.

Financial Adjustments and Future Plans

Saks Global faced a $3.4 billion debt after merging with Neiman Marcus and Bergdorf Goodman. Many brands halted shipments last year due to unpaid invoices. However, a recent $1 billion bankruptcy loan has allowed the company to resume trade with vendors like Chanel, LVMH, and Dolce & Gabbana, leading to substantial new inventory arrivals.

Most discount outlets such as Saks OFF Fifth and Neiman Marcus Last Call have been closed. By concentrating on fewer elite locations, Saks Global aims to navigate financial challenges while maintaining its presence in luxury retail.