Saks Global Shutting 9 Stores Amid Bankruptcy Proceedings

The company had earlier announced the closing down of almost 60 stores that sold discounted clothing and accessories.

A general view of a Saks Fifth Avenue store in Deer Park, New York. Bruce Bennett/Getty Images

Luxury retailer Saks Global Enterprises LLC is shutting down nine stores across the United States in a bid to strengthen retail positioning and drive “profitable and sustainable growth,” the company said in a Feb. 10 statement.

Eight Saks Fifth Avenue stores and one Neiman Marcus store will be shut down, the company said. The Fifth Avenue stores, scheduled for closure, are located in eight different states: Alabama, Arizona, Louisiana, New Jersey, Ohio, Oklahoma, Pennsylvania, and Virginia. The Neiman Marcus store is located in Massachusetts. Saks had acquired the Neiman Marcus brand in 2024.

Saks suggested these stores are not profitable and do not have high growth potential. The closures are the first phase of an ongoing review of the company.

Saks, one of the largest multi-brand luxury retailers in the world, has 70 full-line luxury store locations.

The retailer is also closing down a majority of its Fifth Avenue Club personal styling suites. These sites were originally created to serve Fifth Avenue customers in markets where the company did not have a physical store presence.

However, the acquisition of Neiman Marcus stores enabled Saks to have a presence in many of these markets, the company said. Only three locations will be kept open in markets determined to present a growth opportunity.

“We are initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as the ultimate destinations for luxury with a seamless multi-channel shopping experience,” said Geoffroy van Raemdonck, CEO of Saks Global. Bergdorf Goodman is another brand owned by Saks.

By bringing down the number of stores, the company will be positioned to “make investments that enable long-term growth and value creation,” according to van Raemdonck.

The full-line store closure comes almost a month after Saks filed for Chapter 11 bankruptcy protection.

The filing was made to give the company enough time to negotiate a debt restructuring and focus its business in areas where its luxury brands are “best positioned for sustainable growth,” the company said.

Saks has secured a financing commitment worth $1.75 billion to support operations during the restructuring process. Once the bankruptcy is approved by the court, Saks will immediately receive $1 billion in debtor-in-possession financing.

As part of the process, a meeting of creditors of the company is scheduled for Feb. 23.

On Jan. 29, Saks announced plans to close most of its Saks Off 5th store locations, numbering 70 outlets in total, and five of the remaining Last Call stores. Saks Off 5th is a brand that sells discounted designer clothing, shoes, and accessories.

In total, nearly 60 stores are scheduled to close, with most of them in Florida, California, and Texas.

Saks Global is one of the several major U.S. brands that have filed for bankruptcy in recent months.

In November, for example, home furnishing retailer American Signature Inc. made its bankruptcy filing, with its co-chief restructuring officer highlighting that the company had faced “significantly decreased sales volume” over the past year.

On Feb. 9, outdoor apparel company Eddie Bauer filed Chapter 11 bankruptcy, its third filing since 2003. The company said it plans on winding down operations at roughly 180 stores across the United States and Canada.

Despite the bankruptcies, U.S. businesses overall are showing signs of strength, according to a Feb. 4 statement from S&P Global.

A survey of more than 1,000 private-sector companies showed that in January, there was “a broadening upturn in U.S. private-sector output, with six of out seven sectors registering an expansion, up from five in December,” the report said.

“Consumer goods and industrials topped the growth rankings at the start of 2026 (both indexes registered 55.8 in January). The increase in business activity across the industrials segment was the strongest for more than three and a half years,” it said.