Saks Global to Shut 15 More Stores During Restructuring
Saks Global is closing 15 more stores to cut losses during its bankruptcy. Inventory flow has improved as brands resume shipping under a new funding agreement.
Saks Global has announced the closure of 15 additional stores as the luxury retail group continues its restructuring efforts following a bankruptcy filing earlier this year. The latest round of closures includes 12 Saks Fifth Avenue locations and three Neiman Marcus stores, as the company seeks to streamline operations and prioritize its most profitable high-end properties.
The restructuring process in the United States follows a period of financial instability where weak sales led to defaults on vendor payments and a subsequent halt in inventory shipments. However, the company indicated that the process of closing underperforming stores is now largely complete, though negotiations with some landlords regarding final store counts are ongoing.
