New York City — Since declaring Chapter 11 bankruptcy last month, Saks Global Enterprises will close eight Saks Fifth Avenue stores, as well as one Neiman Marcus store. No changes are planned for the Bergdorf Goodman operational footprint.
Saks Global is changing the Saks Fifth Avenue and Neiman Marcus store locations to focus on profitable stores with the highest growth potential. “Go-forward locations” are being determined as part of the company’s ongoing operational plan, which is based on performance and lease economics, among other things.
The eight Saks Fifth Avenue locations that will be closed in the first phase of this ongoing review include The Summit in Birmingham, Alabama; Polaris Fashion Place in Columbus, Ohio; American Dream in East Rutherford, New Jersey; Shops at Canal Place in New Orleans; Bala Plaza in Philadelphia; Biltmore Fashion Park in Phoenix; Stony Point Fashion Park in Richmond, Virginia; and Utica Square in Tulsa, Oklahoma.
The singular Neiman Marcus location that will be closing is Copley Place in Boston.
Additionally, Saks Global plans to close the majority of its standalone Fifth Avenue Club personal styling suites, which was a concept originally created to serve Saks Fifth Avenue customers in markets without a physical store presence. The luxury retailer plans to keep three locations in markets that present a growth opportunity for the company.