Saks Global to Close 15 Additional Stores

U.S. luxury department store group Saks Global announced on March 6 that it plans to close a total of 15 stores, including 12 Saks Fifth Avenue locations and three Neiman Marcus stores. The decision is part of the company’s ongoing restructuring efforts following its bankruptcy filing, aimed at eliminating underperforming locations while concentrating resources on flagship stores and high-value retail destinations in major cities.

The stores are expected to gradually cease operations through the spring of 2026.

The Consolidation of Luxury Department Stores — and the Crisis That Followed

Saks Global was reorganized as a luxury department store group encompassing Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus. The original vision behind the consolidation was to create a powerful platform in luxury retail by integrating some of the most prominent department store names in the United States.

However, following the integration, sluggish sales growth and a heavy cost structure began to weigh on the business. In early 2026, the company filed for Chapter 11 bankruptcy protection in the United States. At the time of filing, Saks Global carried approximately $3.4 billion in debt, making it one of the most significant restructuring cases in the U.S. luxury retail sector in recent years.

Financial restructuring efforts are now underway. In February 2026, a U.S. bankruptcy court granted final approval for $1 billion in new financing, providing the company with the liquidity needed to continue operations during the restructuring process.

Recovery in Brand Supply

The company’s financial struggles also strained relationships with luxury brands. As sales weakened and vendor payments were delayed, several brands halted shipments to the retailer, creating significant inventory challenges.

The situation has since begun to stabilize. According to the company, more than 500 brands have resumed shipping products, helping to restore inventory levels. Retail receipts totaling roughly $1.3 billion are now flowing back into the business.

Notably, the closures will not affect the two Bergdorf Goodman stores in New York, which will continue to operate as flagship pillars within the group’s luxury retail portfolio.