Saks Global is shuttering 15 more stores as part of its restructuring plans.
The luxury US retailer is closing 12 Saks Fifth Avenue stores and three Neiman Marcus locations.
The latest move by the troubled group, which filed for Chapter 11 bankruptcy protection at the start of the year, comes after it closed 62 stores and exited the majority of its off-price business at the end of January.
Saks Global said in a statement that the latest closures would enable the company “to sharpen its focus” and invest in “opportunities to serve luxury customers, drive stronger full-price selling and enhance brand equity for its partners”.
“This strategic optimisation is part of our ongoing transformation and rooted in our long-term view of our business," said Geoffroy van Raemdonck, CEO of Saks Global.
“Our go-forward store portfolio will comprise the best-performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth.
“With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”
The owner of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman department store chains was left struggling after debts weighed on the business from its 2024 US$2.7bn acquisition of Neiman Marcus.
As part of the bankruptcy proceedings, Saks Global secured $1.75bn to turn things around and has been evaluating its operations.
Saks Global’s “optimisation” of its store network is “largely complete”, the company added, though it continues to engage with landlords.
The majority of Saks OFF 5th locations (57 in total) have already closed, as have all five remaining Neiman Marcus Last Call locations.
As part of its restructuring, Saks Global has accessed $825m of the $1.75bn committed capital, which has improved its liquidity and enabled it to fund new orders with brand partners.
Estée Lauder Companies (ELC), Beiersdorf and Puig were revealed to be among the beauty companies owed millions of dollars by the US luxury retailer in court filings earlier this year.
With the new line of capital and a renewed focus on full-price selling, Saks Global has “strengthened dialogue with brand partners and reinforced their confidence in the Company's strategic direction”, the company said in the latest statement announcing closures.
“These efforts have led to a significant acceleration of inventory flow, with shipping resumed by more than 500 brands releasing close to $1.3bn in retail receipts,” the statement continued.
“This accounts for over 80% of the inventory the company expects to receive from February through April, with momentum expected to continue.
“The company has reached or nearly reached agreements with more than 175 brands across all categories, including large maisons as well as smaller brands, and is committed to having equally productive discussions with more brand partners.”
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