Saks Global Announces Significant Store Closures Amid Bankruptcy Proceedings

Saks Global, the parent company of luxury retailers Saks Fifth Avenue and Neiman Marcus, is embarking on a significant restructuring plan that includes the closure of numerous stores and styling suites. This move comes as the company navigates its Chapter 11 bankruptcy filing, aimed at optimizing its business, reducing debt, and focusing on its most profitable locations.

Strategic Store Optimizations

The company announced it will close an additional 15 retail locations, including the prominent Saks Fifth Avenue store on Chicago’s Magnificent Mile. Closing sales at these affected locations were scheduled to begin on March 13, 2026. In total, Saks Global is set to close eight Saks Fifth Avenue stores and one Neiman Marcus store, with the affected Neiman Marcus location being in Boston. Stores slated for closure were not profitable and represent a small portion of the company’s overall business.

“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,” stated CEO Geoffroy van Raemdonck. “Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth.”

Impact on Outlet and Styling Services

Beyond its flagship stores, Saks Global is also winding down its outlet and personal styling operations. The company plans to shutter 14 standalone Fifth Avenue Club personal styling suites, while retaining three. Additionally, the Horchow.com e-commerce site, which specializes in home goods and was acquired by Neiman Marcus in the late 1980s, will be closed. Shoppers will be redirected to the home category on NeimanMarcus.com, where the full assortment will remain available.

The company’s outlet strategy is also undergoing a significant overhaul. Saks Global had previously announced plans to close most of its Saks Off 5th locations, intending to keep only 12 of the 70 stores open. These remaining outlets will primarily serve as channels for residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman. Furthermore, the remaining five Last Call stores, which acted as a discount channel for Neiman Marcus, have also been shuttered.

Financial Context and Future Outlook

Saks Global filed for Chapter 11 reorganization on January 14, citing increased competition and substantial debt incurred from its acquisition of Neiman Marcus just over a year prior. The company secured approximately $500 million of a larger $1.75 billion financial package, intended to help pay suppliers and ensure inventory levels.

These closures are described as the initial phase of store consolidations across Neiman Marcus and Saks Fifth Avenue. Following these changes, Saks Global expects to operate 25 Saks Fifth Avenue stores and 35 Neiman Marcus stores, alongside its two Bergdorf Goodman stores. The company’s stated goal is to reinforce Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as premier luxury destinations with a seamless multichannel shopping experience.