Saks Global Announces Nine Store Closures in Bankruptcy
Company will shutter eight Saks Fifth Avenue stores and one Neiman Marcus store and keep locations open until the end of April.
Overview
Saks Global said it will close eight Saks Fifth Avenue stores—including locations in Philadelphia, Columbus, Ohio and Phoenix—and the Neiman Marcus Boston store, and the outlets will remain open until the end of April.
Saks Global filed for Chapter 11 reorganization on Jan. 14 in the U.S. Bankruptcy Court for the Southern District of Texas after missing a $100 million interest payment in December, court documents show.
Geoffroy van Raemdonck, CEO of Saks Global, said in a statement the company is "initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as the ultimate destinations for luxury," the company said.
The company said the closures will leave Saks Global with 25 Saks Fifth Avenue stores, 35 Neiman Marcus stores and two Bergdorf Goodman stores, and it will wind down 14 standalone Fifth Avenue Club personal styling suites while keeping three.
Saks Global secured roughly $500 million of a broader $1.75 billion financing commitment to support operations, and the company said it will seek bankruptcy court approval for the nine store closings at an upcoming hearing Friday, according to court documents.
Analysis
Center-leaning sources present this coverage neutrally: factual, non-evaluative language; clear attribution to company statements; inclusion of key operational details (store lists, timelines, bankruptcy and debt context); and no loaded adjectives or omission of major viewpoints. The piece prioritizes documented actions and quotes as source content rather than editorial judgment.
Sources (3)
FAQ
Saks Global filed for Chapter 11 bankruptcy due to a liquidity crisis triggered by its $2.7 billion acquisition of Neiman Marcus, which led to unsustainable debt, a missed $126 million interest payment in December 2025, and a $410 million free operating cash flow deficit.
Saks Global will close eight Saks Fifth Avenue stores in locations including Philadelphia, Columbus Ohio, and Phoenix, plus the Neiman Marcus Boston store, with operations continuing until the end of April.
Saks Global secured approximately $1.75 billion in debtor-in-possession (DIP) financing, including $500 million initially mentioned and up to $1 billion facility, to support operations during restructuring.
After closures, Saks Global will have 25 Saks Fifth Avenue stores, 35 Neiman Marcus stores, and two Bergdorf Goodman stores.
Chapter 11 allows reorganization rather than liquidation, enabling Saks Global to shed debts, restructure, secure new financing, and continue operations while aiming to emerge stronger.
History
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