Saks Global to Close 15 More Stores Across 13 States

Saks Global announced it will shutter 12 Saks Fifth Avenue stores and three Neiman Marcus locations across 13 states, the latest move in a sweeping restructuring that began when the luxury retail conglomerate filed for Chapter 11 bankruptcy on January 14, 2026.

The closures, which Forbes reports will be completed by May, follow an earlier wave that eliminated 62 stores by the end of January, including 57 Saks OFF 5TH locations and all five remaining Neiman Marcus Last Call outlets. Nine additional full-price store closures had already been announced before the March 6 release.

When the cutting is done, Saks Global will operate 13 Saks Fifth Avenue stores, roughly half its original count, along with 12 Saks Off 5th locations and 32 Neiman Marcus stores, according to Forbes. The Bergdorf Goodman flagship will remain open.

CEO Geoffroy van Raemdonck framed the announcement in the language of strategic clarity. "This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business," he said in the March 6 release. The company stated its go-forward portfolio would "comprise the best-performing and most desirable locations in markets with the highest concentration of luxury customers."

The 12 Saks Fifth Avenue stores closing include locations in Chicago at 700 North Michigan Avenue, Las Vegas on the Strip at 3200 Las Vegas Boulevard South, and McLean, Virginia. Additional closures span Beachwood, Ohio; Chevy Chase Village, Maryland; Costa Mesa and Palm Desert, California; Huntington Station, New York; Raleigh, North Carolina; San Antonio, Texas; Sarasota, Florida; and St. Louis, Missouri. The three Neiman Marcus closures hit Honolulu at Ala Moana Boulevard, Canoga Park in California's Topanga Canyon, and White Plains, New York. Forbes noted that none of those three Neiman Marcus markets will have a remaining Saks location nearby.

The financial wreckage behind these closures is considerable. Saks Fifth Avenue and Neiman Marcus combined carried $4.7 billion in total debt as of the second quarter of 2025. Court filings cited by Drapers show the group owes $136 million to Chanel, $60 million to Kering, and $26 million to LVMH. Estée Lauder Companies, Beiersdorf, and Puig were also identified in court filings as creditors owed millions. Weak sales led to vendor payment defaults, and brands stopped shipping products to the retailer entirely at points last year.

To stabilize operations, Saks Global secured a $1.75 billion financing package at the time of its bankruptcy filing. It has since accessed $825 million of that committed capital, which the company said has restored liquidity and allowed it to fund new orders with brand partners.

The company said it has largely completed its store closure process but confirmed it is still in negotiations with landlords over whether additional locations could close. Meanwhile, van Raemdonck has also pulled Saks Fifth Avenue off Amazon, a significant reversal given that Amazon invested $475 million toward Saks Global's 2024 acquisition of Neiman Marcus and Bergdorf Goodman, with a guaranteed $900 million payout over eight years written into the arrangement.

Whether the trimmed portfolio can deliver the profitable, full-price luxury model the company is now staking its future on remains the central question hanging over what was once one of American retail's most storied footprints.