Overview
- The latest round lifts the total closures announced since January to 20 Saks Fifth Avenue stores and four Neiman Marcus locations, with Bergdorf Goodman unchanged.
- After the cuts, the retailer expects to operate about 13 Saks Fifth Avenue stores and 32 Neiman Marcus stores across the U.S.
- Stores slated to shut will keep trading through the end of May, following an earlier wave expected to close by the end of April.
- Saks Global reports access to roughly $825 million of its $1.75 billion committed financing as more than 500 brands resume shipping, releasing close to $1.3 billion in retail receipts and leading to or nearing agreements with about 175 suppliers.
- Notable exits include Chicago’s Michigan Avenue Saks and Long Island’s Huntington Station, while the restructuring also winds down Horchow, five Neiman Marcus Last Call centers and all but 12 Saks Off 5th outlets.