US EditionSaks Global to Shut 15 More Stores as Part of Restructuring
Saks Global plans to close 15 more stores to focus on profitable locations and reduce debt, leaving 13 Saks Fifth Avenue and 32 Neiman Marcus stores, the company said.
- On March 6, Saks Global announced it will close 15 more stores, including 12 Saks Fifth Avenue and three Neiman Marcus locations.
- As background, the company filed for Chapter 11 on Jan. 14 and announced a $1.75 billion financing package, with a U.S. bankruptcy judge approving $1 billion last month.
- Among the locations named were Chevy Chase, Maryland; Chicago, Illinois; and San Antonio, Texas, with these cuts adding to eight Saks Fifth Avenue and one Neiman Marcus store closures announced last month, leaving 13 Saks Fifth Avenue, 32 Neiman Marcus, and Bergdorf Goodman stores.
- Operationally, resumed shipments from 500 brands have released nearly $1.3 billion in retail receipts, while about 175 suppliers including Chanel, Dolce & Gabbana, and LVMH reached repayment agreements.
- In addition, the company confirmed affected stores will remain open through the end of April, with some until the end of May, while two Bergdorf Goodman stores remain unaffected.
78 Articles
78 Articles
Luxury Department Giant Is Shuttering More Stores
The parent company of Saks Fifth Avenue and Neiman Marcus is closing more department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring. Saks Global Inc. said on Friday that it will close 12 more Saks Fifth Avenue stores and three...
Saks Fifth Avenue parent closing 15 more stores in bankruptcy — here are the locations
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
Associated Press News
Saks Global to shutter 15 more department stores in bankruptcy restructuring
The parent company of Saks Fifth Avenue and Neiman Marcus is closing more of its department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring.
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