Back to today’s briefing

Story perspectives

Saks Global Announces 15 More Store Closures Amid Restructuring

3/8/2026

39 7 Full Breakdown

Summary

Saks Closes Stores

Saks Global announced 15 additional store closures as part of its Chapter 11 restructuring.
The closures total 24 since February and include 12 Saks Fifth Avenue and 3 Neiman Marcus stores.
The company will retain 13 Saks Fifth Avenue stores and 32 Neiman Marcus outlets.
The closures are expected to finalize by the end of May, impacting thousands of jobs.

Summary

Saks Restructures Operations

Saks Global is restructuring after a bankruptcy filing.
The company will close three Neiman Marcus outlets and 12 Saks Fifth Avenue locations.
The Ala Moana Center Neiman Marcus store in Hawaii will close by the end of May.
Gift cards will be accepted for 15 days after the closing sale begins.
Saks Global's CEO described the move as a strategic optimization to focus on high-performing locations.

History

Historical Context

Montgomery Ward, once a leading retailer, filed for Chapter 11 bankruptcy in 1997, closing over 100 stores due to fierce competition from Walmart and Target. Despite emerging from bankruptcy in 1999, the company struggled to regain market share and ultimately ceased operations in 2000, laying off 37,000 employees. This decline reflects a broader trend of traditional retailers adapting to a changing retail landscape.

1 of 3

Saks Closes Stores

Saks Global announced 15 additional store closures as part of its Chapter 11 restructuring.
The closures total 24 since February and include 12 Saks Fifth Avenue and 3 Neiman Marcus stores.
The company will retain 13 Saks Fifth Avenue stores and 32 Neiman Marcus outlets.
The closures are expected to finalize by the end of May, impacting thousands of jobs.

1 / 3