Quick Facts
- Saks Global will close 15 more stores by May, including 12 Saks Fifth Avenue and three Neiman Marcus locations
- The closures bring total 2026 store shutdowns to 24 as part of Chapter 11 bankruptcy restructuring
- Company will operate 13 Saks Fifth Avenue stores after restructuring, down from current footprint
Saks Global announced Friday it will close 15 more department stores as part of its Chapter 11 bankruptcy restructuring. The luxury retailer will shut 12 Saks Fifth Avenue stores and three Neiman Marcus locations by the end of May.
The latest closures bring total store shutdowns this year to 24. Last month, Saks Global announced it was closing eight Saks Fifth Avenue stores and one Neiman Marcus location by April.
After restructuring, the company expects to operate 13 Saks Fifth Avenue department stores nationwide, including its Manhattan flagship. The company will continue operating 32 Neiman Marcus stores and Bergdorf Goodman.
The shuttered Saks stores include locations in Chevy Chase, Maryland, Chicago’s Michigan Avenue, Las Vegas, San Antonio, Texas, and Huntington Station, New York. Three closing Neiman Marcus stores are in Canyon Park, California, Honolulu, Hawaii, and White Plains, New York.
Saks Global filed for Chapter 11 bankruptcy on January 13 with $3.4 billion in debt. The company accumulated massive debt following its 2024 acquisition of Neiman Marcus, which was intended to create a luxury retail powerhouse.
‘This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,’ said 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.’
The company secured $1.75 billion in new financing ahead of its bankruptcy filing, with $1 billion designated for operations during restructuring. Saks has reached repayment agreements with around 175 vendors and resumed shipping with more than 500 brands.
Major creditors include luxury brands Chanel with $136 million, Gucci owner Kering with $60 million, and LVMH with $26 million in unsecured debt.
Retail analyst Oliver Chen estimates $700 million in market share could be available from Saks Global’s restructuring. Potential beneficiaries include Nordstrom, Bloomingdale’s, Macy’s, Revolve and Farfetch based on shopper overlap analysis.
‘The truth is that Saks Global put itself in a financially precarious position that undermined the day-to-day operations of the business,’ said retail analyst Neil Saunders.
The company is also closing most Saks Off Fifth locations, keeping only 12 outlets to sell residual inventory from its luxury brands.
Read more: Saks Global to Shut 15 More Stores as Part of Restructuring
