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Saks Fifth Avenue Store in Bala Cynwyd, Just Outside of Philadelphia, Is Closing
- On Tuesday, Saks Global confirmed several store closures, including eight Saks Fifth Avenue locations and Neiman Marcus in Boston, as part of its restructuring.
- The move follows a Chapter 11 filing about a month earlier; Saks Global confirmed closures after its $2.7 billion Neiman Marcus 2024 acquisition and more than $2.5 billion in post‑acquisition debt.
- Saks said it will consolidate Horchow online operations beginning Feb. 19, moving luxury home furnishings to NeimanMarcus.com while Bergdorf Goodman stores remain unchanged.
- Vendors and a payments guarantor said payment and inventory issues have strained supplier relationships, and the announced closures—including Fifth Avenue Club and department stores—will impact local customers, employees, and vendors.
- The company framed the actions as positioning Saks Global for sustained luxury‑market growth, with CEO Geoffroy van Raemdonck saying optimizing the footprint enables long‑term investments.
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Saks Global Shutting 9 Stores Amid Bankruptcy Proceedings
Luxury retailer Saks Global Enterprises LLC is shutting down nine stores across the United States in a bid to strengthen retail positioning and drive “profitable and sustainable growth,” the company said in a Feb. 10 statement. Eight Saks Fifth Avenue stores and one Neiman Marcus store will be shut down, the company said. The Fifth Avenue stores, scheduled for closure, are located in eight different states: Alabama, Arizona, Louisiana, New Jerse…
·New York, United States
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Total News Sources40
Leaning Left8Leaning Right4Center18Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 27%
C 60%
13%
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