Saks is shutting down additional locations as its bankruptcy moves forward

Saks Global Announces Major Store Closures Amid Bankruptcy Restructuring

Photo by Bing Guan

The parent company of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus has entered a new stage in its bankruptcy reorganization efforts.

On Tuesday, Saks Global revealed plans to permanently close eight Saks Fifth Avenue stores and one Neiman Marcus location.

According to a company representative, Saks Fifth Avenue stores in Alabama, Ohio, New Jersey, Louisiana, Pennsylvania, Arizona, Virginia, and Oklahoma will cease operations later this spring. Additionally, a Neiman Marcus store in Massachusetts will also be shuttered.

Beginning this weekend, the company will also discontinue 14 of its Fifth Avenue Club personal shopping service locations, leaving only two remaining.

Saks has stated that its Bergdorf Goodman stores will remain unaffected by these changes.

The company described these actions as the "first phase of optimization," with the goal of focusing more on luxury goods, services, and strategic partnerships.

Saks Global filed for Chapter 11 bankruptcy protection on January 14.

The retailer has faced significant financial challenges, accumulating over $2.5 billion in debt after acquiring Neiman Marcus in 2024.

Recently, the company missed scheduled debt payments, raising concerns about its ability to recover from its financial burdens.

Saks Global also announced it is winding down most of its off-price business, Saks OFF 5TH. On February 2, 23 locations were closed, and the company plans to keep only 12 of these stores open.

Furthermore, Saks Global confirmed it will close the last five Neiman Marcus Last Call stores. Altogether, the company intends to close a total of 57 stores.

“By streamlining our operations, we aim to provide outstanding products, premium experiences, and tailored service across all platforms, while also enabling investments that support sustainable growth and value,” said Geoffroy van Raemdonck, CEO of Saks Global.