The parent company of Saks Fifth Avenue and Neiman Marcus is closing more department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring. Saks Global Inc. said on Friday that it will close 12 more Saks Fifth Avenue stores and three more Neiman Marcus stores, reports the AP. The shuttered Saks stores include sites in Chevy Chase, Maryland; Chicago; and San Antonio, Texas. The stores will remain open until the end of May, a company spokesperson said.
The closures come on top of the eight Saks Fifth Avenue stores and one Neiman Marcus store that the company said it would close last month. The stores targeted for the first round of closing are expected to remain open until the end of April. With plans to close a total of 24 department stores by spring, that would leave the parent company with 13 Saks Fifth Avenue stores—including its flagship store on Manhattan's Fifth Avenue—as well as 32 Neiman Marcus locations and Bergdorf Goodman in New York City.
Saks also said 500 brands have resumed shipping, releasing close to $1.3 billion in retail receipts. That accounts for more than 80% of the inventory the company expects to receive from February through April, with momentum expected to continue, the company said. The parent company is also in talks or has reached repayment agreements with about 175 suppliers.
Saks Global has been shrinking its business since it filed for Chapter 11 bankruptcy in January. Last month, it said it will wind down 14 stand-alone Fifth Avenue Club personal styling suites, keeping three. It also shuttered home goods retailer Horchow.com, a business that Neiman Marcus acquired in the late 1980s. As of Feb. 19, shoppers have been redirected to the home category on NeimanMarcus.com.
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