Overview
- Saks Global announced a second wave of closures—12 Saks Fifth Avenue stores and three Neiman Marcus stores—set to shutter by the end of May.
- This follows February’s first round, bringing cumulative announced closures since January to 20 Saks Fifth Avenue and four Neiman Marcus locations, with the earlier tranche slated to close by the end of April.
- Beyond full‑price stores, the company plans to shut 57 Saks Off 5TH stores, five Neiman Marcus Last Call centers, and the Horchow catalogue business.
- Saks Global says it has access to about $825 million of $1.75 billion in committed capital, with more than 500 brands resuming shipments that release roughly $1.3 billion in retail receipts and agreements reached or nearly reached with over 175 vendors.
- Management frames the moves as a strategic consolidation with no changes to Bergdorf Goodman’s footprint, notes potential final adjustments pending landlord talks, and acknowledges job losses with transfer opportunities where available.