The closures include Saks Fifth Avenue stores in eight states, a Neiman Marcus store in Boston, and 14 free-standing Fifth Avenue Club Styling Suites.
Luxury retailer Saks Global files for bankruptcy amid debt crisis
Luxury retailer Saks Global has filed for bankruptcy. The stores remain open today after securing a $1.75 billion funding package and appointing a new CEO.
Saks Global announced this week that it will close most of its Saks Fifth Avenue stores, Neiman Marcus stores and stand-alone personal styling suites in 18 states.
The company made the announcement on Tuesday, February 10, saying the closure was part of a “strategic action” to “enable profitable and sustainable growth.”
The closures include eight Saks Fifth Avenue stores in states such as Ohio and New Jersey, a Neiman Marcus store in Massachusetts and 14 free-standing Fifth Avenue Club Personal Styling Suites located in luxury resorts. The company announced that Bergdorf Goodman department stores will remain open as usual.
The announcement comes after Saks Global acquired Neiman Marcus in 2024, filed for bankruptcy in mid-January, and announced on February 2 that the majority of Saks Off Fifth stores would close. According to Reuters, Saks took on about $2.2 billion in debt to acquire Neiman Marcus in 2024.
Here’s what we know so far, including a list of stores that will be closed.
Why is Saks Global closing stores?
In a February announcement, Saks Global said the company was “reviewing our Saks Fifth Avenue and Neiman Marcus store footprint to focus on profitable locations with the greatest growth potential.” The company closes stores based on factors such as business performance and “lease economics.”
USA TODAY reached out to Saks Global to confirm when each store will close.
What will happen to Hosho?
Saks Global is also shutting down the website of luxury furniture and home decor retailer Hosho and consolidating its products onto the Neiman Marcus website. This change will take effect on February 19th.
The company said shoppers who wish to shop at Horchow “will continue to find an assortment of all the brands and product categories previously available on Horchow.com.”
Which Saks stores will be closing?
Saks Global shared a list of recent closures online. The list includes one Neiman Marcus store closing in Boston, Massachusetts.
The following Saks Fifth Avenue stores will be closing:
- Alabama – 129 Summit Blvd., Birmingham
- Arizona – 2446 E. Camelback Road, Phoenix
- Louisiana – 301 Canal St., New Orleans
- New Jersey – 1 American Dream Way, Suite F140, East Rutherford
- Ohio – 1500 Polaris Parkway, Columbus
- Oklahoma – 1780 Utica Square, Tulsa
- Pennsylvania – 2 Bala Plaza, Philadelphia/Bala Cynwyd
- Virginia – 9214 Stony Point Parkway, Richmond
Which Personal Styling Suite at the Fifth Avenue Club is closing?
Saks Global announced that in addition to closing some Saks Fifth Avenue and Neiman Marcus stores, it will also close 14 Fifth Avenue Club stand-alone personal styling suites. This is the majority of the company’s personal styling suites located within its luxury resorts.
Initially, styling suites were only located within Saks Fifth Avenue stores, but in 2023, Saks Global introduced standalone suites within luxury resorts such as The Ritz-Carlton and St. Regis Hotels & Resorts for customers without Saks stores.
The company announced it will keep its three Personal Styling Suite stores in Indianapolis, Honolulu and Palm Beach, according to a listing it shared online.
The 14 separate Fifth Avenue Club personal styling suites scheduled to close include:
- California – Located at Rosewood Sand Hill in Menlo Park, Rancho Valencia Resort & Spa in Rancho Santa Fe, and the Ritz-Carlton Baccarat in Santa Barbara.
- Colorado – Located at the Hotel Clio in Denver.
- Florida – Located at The Ritz-Carlton Orlando and Vinoy Resort & Golf Club in St. Petersburg.
- Located at Hotel Baldo in Georgia – Savannah.
- North Carolina – Located in Ballantyne, Charlotte.
- Pennsylvania – Located at the Fairmont Pittsburgh.
- South Carolina – Located on Dewberry in Charleston.
- Tennessee – Conrad in Nashville.
- Texas – Located at the Commodore Perry Estate in Austin and the Bowie House in Fort Worth.
- Washington – Located at the InterContinental Seattle Bellevue.
Customers interested in learning more about how these changes will impact shoppers can visit www.saksglobal.com/transformation-luxury-retail-brands.
Contributed by Amaris Oaks, USA TODAY
Saleen Martin is a reporter for USA TODAY’s NOW team. She is from Norfolk, Virginia (757). Email sdmartin@usatoday.com.
