Saks Global Announces 15 More Store Closures in Bankruptcy Restructuring
Saks Global Inc., the parent company of luxury retailers Saks Fifth Avenue and Neiman Marcus, has revealed plans to close an additional 15 department stores as it navigates its Chapter 11 bankruptcy restructuring. This move aims to concentrate on the company's most profitable businesses and reduce its debt burden, according to an announcement made on Friday, March 6, 2026.
Details of the Latest Closures
The company stated that it will shutter 12 more Saks Fifth Avenue stores and three more Neiman Marcus locations. The affected Saks stores include sites in Chevy Chase, Maryland, Chicago, and San Antonio, Texas. A company spokesperson confirmed that these stores will remain operational until the end of May, allowing for a phased closure process.
These new closures follow an earlier round announced last month, which involved eight Saks Fifth Avenue stores and one Neiman Marcus store. Those initial closures are expected to stay open until the end of April, as part of the restructuring timeline.
Impact on Store Portfolio and Inventory
With plans to close a total of 24 department stores by spring, Saks Global will be left with a streamlined portfolio. This includes 13 Saks Fifth Avenue stores, featuring its flagship location on Manhattan's Fifth Avenue, along with 32 Neiman Marcus stores and the Bergdorf Goodman store in New York City.
In a positive development, the company reported that 500 brands have resumed shipping, releasing nearly $1.3 billion in retail receipts. This accounts for over 80% of the inventory expected from February through April, with momentum anticipated to continue. Additionally, Saks Global is in talks or has reached repayment agreements with approximately 175 suppliers, indicating progress in stabilizing its supply chain.
Broader Restructuring Efforts
Saks Global has been actively shrinking its business since filing for Chapter 11 bankruptcy in January. Last month, the company announced it would wind down 14 standalone Fifth Avenue Club personal styling suites, retaining only three. It also closed the home goods retailer Horchow.com, a business acquired by Neiman Marcus in the late 1980s, redirecting shoppers to the home category on NeimanMarcus.com as of February 19.
Furthermore, the company is closing all but 12 of its Saks Off Fifth locations. The remaining outlets will primarily serve as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, optimizing its off-price operations.
This restructuring reflects a strategic shift in the retail landscape, as Saks Global focuses on core profitable segments while managing financial challenges during bankruptcy proceedings.
