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 on March 6 that it will close 15 more stores as the luxury retailer continues to seek restructuring after filing for bankruptcy earlier this year.
In a March 6 news release, Saks Global announced that it will close 12 Saks Fifth Avenue stores and three Neiman Marcus stores in 13 states. The latest closure follows the announcement of nine store closures across the United States.
“This strategic optimization is part of our ongoing transformation and is rooted in our long-term view of our business,” Sachs Global CEO Geoffroy van Raemdonck said in a release.
According to the company, the process of closing unprofitable stores is almost complete. However, we are still working with landlords to determine which other stores may close in the future.
What stores are closing?
The following Saks Fifth Avenue and Neiman Marcus stores are scheduled to close, according to a news release Friday.
- 26100 Cedar Road, Beachwood, OH
- 5555 Wisconsin Ave., Chevy Chase Village, MD
- 700 N. Michigan Ave., Chicago, IL
- 3333 Bristol St., Costa Mesa, California
- 3200 Las Vegas Boulevard S, Las Vegas, NV
- 230 Walt Whitman Road, Huntington Station, New York
- 73555 El Paseo, Palm Desert, California
- 7700 Old Wake Forest Road, Raleigh, NC
- 7400 San Pedro Ave., San Antonio, Texas
- 120 University Town Center Dr., Sarasota, Florida
- 1 Plaza Frontenac St., St. Louis, Missouri
- 2051 International Dr., McLean, VA
- 1450 Ala Moana Blvd Honolulu, HI 3rd Floor – Neiman Marcus
- 6550 Topanga Canyon Blvd., Canoga Park, California – Neiman Marcus
- 2 Maple Ave, White Plains, New York – Neiman Marcus
Sachs Global’s recent management crisis
It’s only been two months, but 2026 has been a tough year for Saks Global.
On January 14, the company announced it had filed for bankruptcy, changed management (again), and secured a $1.75 billion financing package that “strengthens the company’s balance sheet and positions it for a strong and stable future.”
Saks Global announced in February that 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 attributed the closure to factors such as business performance and the “lease economy.”
USA TODAY’s Saleen Martin contributed to this report.
Fernando Cervantes Jr. is a trending news reporter for USA TODAY. Contact us at fernando.cervantes@gannett.com and follow us at X @fern_cerv_.
