Saks Global bankruptcy drives nine additional store closures

Saks Global plans to adjacent 9 further outlets and astir standalone Fifth Avenue Club suites arsenic it concentrates its luxury retail operations.

The radical said 8 Saks Fifth Avenue stores and 1 Neiman Marcus determination volition shut, alongside the bulk of Fifth Avenue Club sites.

Bergdorf Goodman volition proceed to run with nary changes to its footprint.

Saks Global described the moves arsenic an archetypal optimisation signifier crossed the Saks Fifth Avenue and Neiman Marcus estates, with further sites to beryllium reviewed according to show and lease terms.

Shops and e-commerce platforms crossed Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman volition proceed trading arsenic normal, isolated from locations entering closing sales.

Customers successful markets without carnal stores volition inactive beryllium served done online and distant selling channels.

The retailer is besides scaling backmost standalone Fifth Avenue Club locations, primitively established for customers successful areas lacking Saks Fifth Avenue stores.

Following its 2024 acquisition of Neiman Marcus Group, the institution said it tin present scope galore of those markets done the Neiman Marcus web and intends to support 3 Fifth Avenue Club sites successful regions showing maturation potential.

Saks Global precocious secured $1.75bn successful committed superior and entered voluntary Chapter 11 extortion arsenic portion of a fiscal restructuring.

In precocious January, Saks Global said it would adjacent astir off-price outlets nether Chapter 11, including astir Saks OFF 5TH stores and each remaining Last Call locations, to absorption connected luxury and full-price retail.

Saks Global CEO Geoffroy van Raemdonck said: "By optimising our operational footprint, we volition beryllium amended positioned to present exceptional products, elevated experiences and highly personalised work crossed each channels, portion simultaneously positioning our institution to marque investments that alteration semipermanent maturation and worth creation.”

Separately, the institution said that from 19 February, customers buying online connected its location furnishings marque Horchow volition beryllium redirected to Neiman Marcus’ website, wherever the afloat Horchow assortment volition beryllium offered.

It said the alteration is aimed astatine improving integration crossed merchandising, selling and technology.

The retailer added that the steps signifier portion of a broader effort to streamline its store portfolio and operations portion maintaining work levels crossed its luxury brands.

"Saks Global bankruptcy drives 9 further store closures" was primitively created and published by Retail Insight Network, a GlobalData owned brand.

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