Saks Fifth Avenue parent closing 15 more stores in bankruptcy — here are the locations

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Saks Global to Close 15 More Stores

Saks Global announced on Friday that it will be closing 15 more stores as part of its efforts to reduce losses and focus on higher-end, profitable locations. This decision comes after the luxury retailer filed for bankruptcy earlier this year.

The company has completed the process of shutting down underperforming stores with this latest announcement. However, it is still working with some landlords to finalize its store count due to weak sales that led to defaulting on vendor payments and disruptions in inventory shipments from brands last year.

Among the stores being closed are 12 Saks Fifth Avenue locations and three Neiman Marcus stores, including ones in Chicago, Las Vegas, San Antonio, and Tysons Va. The remaining Saks Fifth Avenue and Neiman Marcus stores will continue to operate.

Saks is closing 15 more stores, including Neiman Marcus. The flagship Saks Fifth Avenue store in New York City, above, will remain open. REUTERS

The restructuring will not impact the two Bergdorf Goodman stores in New York. Earlier closures included most Saks OFF Fifth locations and remaining Neiman Marcus Last Call stores.

Saks mentioned that its inventory flow has improved with over 500 brands resuming shipments, resulting in the release of nearly $1.3 billion in retail receipts.

Recently, a US bankruptcy judge approved Saks Global’s bankruptcy financing, providing $1 billion in new funding. This approval addressed concerns from vendors like Chanel, Dolce & Gabbana, LVMH, landlords, and Amazon regarding payments for goods shipped before the bankruptcy.

With $3.4 billion in debt, Saks filed for bankruptcy a year after merging Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus under one entity.