Closure of Eight Saks Fifth Avenue Stores and One Nieman Marcus Location
FOX Business’ Lauren Simonetti joins ‘Mornings with Maria’ to report on how artificial intelligence is transforming the retail shopping experience.
Saks Global Enterprises announced on Tuesday that it will be closing nine stores as part of a strategic shift towards more profitable locations. This decision includes the closure of eight Saks Fifth Avenue stores and one Neiman Marcus outlet.
CEO Geoffroy van Raemdonck emphasized the importance of this move, stating, “By optimizing our operational footprint, we will be better positioned to deliver exceptional products, elevated experiences, and highly personalized service across all channels, while simultaneously positioning our company to make investments that enable long-term growth and value creation.”
Shoppers leave a Saks Fifth Avenue store Dec. 30, 2025, in Chicago. (Scott Olson/Getty Images)
SAKS GLOBAL FILES FOR BANKRUPTCY AFTER $2.7 BILLION NEIMAN MARCUS ACQUISITION DEAL
In mid-January, Saks Global Enterprises filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas after failing to make a $100 million interest payment in December, which added to their growing debt obligations.
The company is set to request approval from a U.S. bankruptcy judge for the nine store closings during a court hearing scheduled for Friday, as indicated in a court document filed on Tuesday.
Following the bankruptcy filing, Saks Global secured a financing commitment of approximately $1.75 billion, backed by senior secured bondholders and asset-based lenders, to support operations throughout the restructuring process.
Holiday shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City Dec. 5, 2023. (Reuters/Mike Segar/File Photo / Reuters Photos)
CONSUMER CONFIDENCE PLUNGES TO LOWEST LEVEL IN MORE THAN A DECADE
Last month, Saks Global announced plans to close most Saks Off 5th locations across the U.S., shortly after its bankruptcy filing. On February 2, the luxury retailer closed 23 Saks Off 5th stores, while another 34 began closing sales at the end of January. Only 12 locations in New York, Florida, New Jersey, Georgia, California, and Texas will remain operational.
MOST SAKS OFF 5TH LOCATIONS NATIONWIDE TO CLOSE AMID BANKRUPTCY PROCEEDINGS
Shoppers enter the Saks Fifth Avenue store on Fifth Avenue in New York Nov. 27, 2020. (Gabriela Bhaskar/Bloomberg via Getty Images / Getty Images)
Here’s which Saks Fifth Avenue stores are closing:
- The Summit – Birmingham, Alabama
- Polaris Fashion Place – Columbus, Ohio
- American Dream – East Rutherford, New Jersey
- Shops at Canal Place – New Orleans, Louisiana
- Bala Plaza – Philadelphia, Pennsylvania
- Biltmore Fashion Park – Phoenix, Arizona
- Stony Point Fashion Park – Richmond, Virginia
- Utica Square – Tulsa, Oklahoma
Here’s the Neiman Marcus store that’s closing:
- Copley Place – Boston, Massachusetts
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FOX Business’ Greg Norman and Reuters contributed to this report.
FOX Business’ Lauren Simonetti joins ‘Mornings with Maria’ to report on how artificial intelligence is transforming the retail shopping experience.
Saks Global Enterprises announced on Tuesday that it will be closing nine stores as part of a strategic shift towards more profitable locations. This decision includes the closure of eight Saks Fifth Avenue stores and one Neiman Marcus outlet.
CEO Geoffroy van Raemdonck emphasized the importance of this move, stating, “By optimizing our operational footprint, we will be better positioned to deliver exceptional products, elevated experiences, and highly personalized service across all channels, while simultaneously positioning our company to make investments that enable long-term growth and value creation.”
Shoppers leave a Saks Fifth Avenue store Dec. 30, 2025, in Chicago. (Scott Olson/Getty Images)
SAKS GLOBAL FILES FOR BANKRUPTCY AFTER $2.7 BILLION NEIMAN MARCUS ACQUISITION DEAL
In mid-January, Saks Global Enterprises filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas after failing to make a $100 million interest payment in December, which added to their growing debt obligations.
The company is set to request approval from a U.S. bankruptcy judge for the nine store closings during a court hearing scheduled for Friday, as indicated in a court document filed on Tuesday.
Following the bankruptcy filing, Saks Global secured a financing commitment of approximately $1.75 billion, backed by senior secured bondholders and asset-based lenders, to support operations throughout the restructuring process.
Holiday shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City Dec. 5, 2023. (Reuters/Mike Segar/File Photo / Reuters Photos)
CONSUMER CONFIDENCE PLUNGES TO LOWEST LEVEL IN MORE THAN A DECADE
Last month, Saks Global announced plans to close most Saks Off 5th locations across the U.S., shortly after its bankruptcy filing. On February 2, the luxury retailer closed 23 Saks Off 5th stores, while another 34 began closing sales at the end of January. Only 12 locations in New York, Florida, New Jersey, Georgia, California, and Texas will remain operational.
MOST SAKS OFF 5TH LOCATIONS NATIONWIDE TO CLOSE AMID BANKRUPTCY PROCEEDINGS
Shoppers enter the Saks Fifth Avenue store on Fifth Avenue in New York Nov. 27, 2020. (Gabriela Bhaskar/Bloomberg via Getty Images / Getty Images)
Here’s which Saks Fifth Avenue stores are closing:
- The Summit – Birmingham, Alabama
- Polaris Fashion Place – Columbus, Ohio
- American Dream – East Rutherford, New Jersey
- Shops at Canal Place – New Orleans, Louisiana
- Bala Plaza – Philadelphia, Pennsylvania
- Biltmore Fashion Park – Phoenix, Arizona
- Stony Point Fashion Park – Richmond, Virginia
- Utica Square – Tulsa, Oklahoma
Here’s the Neiman Marcus store that’s closing:
- Copley Place – Boston, Massachusetts
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business’ Greg Norman and Reuters contributed to this report.
