Saks Global Initiates Store Closures Amid Bankruptcy Restructuring

Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, has announced the closure of nine stores as part of its Chapter 11 bankruptcy restructuring. This includes eight Saks Fifth Avenue locations and one Neiman Marcus store in Boston. The closures are set to take effect by the end of April 2026. The affected Saks Fifth Avenue stores are located in Philadelphia, Columbus, Ohio, Phoenix, New Orleans, Birmingham, Alabama, Richmond, Virginia, and Tulsa, Oklahoma. The company will also wind down most of its standalone Fifth Avenue Club personal styling suites and transition its home decor shop, Horchow, to Neiman Marcus' online platform.

WWDNew York PostSaks Global Plans Nine More Store Closures In Bankruptcy

Saks Global filed for Chapter 11 protection on January 14, 2026, primarily due to rising competition and significant debt incurred from its acquisition of Neiman Marcus just over a year prior. The company is burdened with approximately $2 billion in debt, which has contributed to its financial struggles. In a bid to stabilize operations, Saks Global aims to focus on its most profitable locations and reduce its retail footprint, emphasizing full-price selling and higher-margin products.

New York PostSaks Global to Close Nine Stores

Geoffroy van Raemdonck, CEO of Saks Global, stated, “We are initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as the ultimate destinations for luxury with a seamless multichannel shopping experience.” The closures are part of a broader strategy to optimize the company’s operational footprint and enhance customer service and product offerings.

Saks Global to Close Nine StoresNew York PostWWD

While the company has framed the closures as a necessary step towards financial recovery, critics have raised concerns about the impact on employees and local economies. The exact number of job losses resulting from these closures has not been disclosed, although Saks has indicated that it is providing transfer opportunities where possible. Additionally, there is apprehension among vendors regarding unpaid bills and the potential for smaller suppliers to face financial difficulties due to the retailer's bankruptcy.

WWD

There are discrepancies in the reporting of the total number of closures. While Saks Global has confirmed nine store closures, some sources speculate that up to 20 locations may ultimately shut down as part of the restructuring process. Furthermore, the company has not provided specific figures regarding the financial impact of these closures on its overall business.

The Record (New Jersey)

Saks Global is scheduled to seek approval for the store closures from a U.S. bankruptcy judge in an upcoming court hearing. The company is expected to continue its restructuring efforts, focusing on enhancing its luxury retail offerings and improving the shopping experience across its remaining locations.

Reuters

• “We are initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as the ultimate destinations for luxury with a seamless multichannel shopping experience,” — Geoffroy van Raemdonck, CEO of Saks Global

New York Post

• “These Saks and Neiman Marcus locations represent a small portion of our business, accounting for only a small, single-digit percentage of our annual GMV [gross merchandise value] and were unprofitable collectively.” — Saks Global spokesperson

WWD