Saks Global to shutter 15 more department stores in bankruptcy restructuring
ABC News • • general
Key Points:
- Saks Global Inc., parent company of Saks Fifth Avenue and Neiman Marcus, is closing 15 more department stores, including 12 Saks Fifth Avenue and 3 Neiman Marcus locations, as part of its Chapter 11 bankruptcy restructuring.
- These closures add to previously announced plans to close 9 stores, bringing the total planned closures to 24 by spring, leaving the company with 13 Saks Fifth Avenue stores, 32 Neiman Marcus locations, and Bergdorf Goodman in New York City.
- Saks Global reported that 500 brands have resumed shipping, generating nearly $1.3 billion in retail receipts, representing over 80% of expected inventory from February through April.
- The company is also negotiating or has reached repayment agreements with about
