Saks Global is shuttering more stores as it works through its bankruptcy — including some Neiman Marcus locations.
At Saks Global, Neiman Marcus is closing three locations with sites in the Honolulu, Canyon Park, Calif., and White Plains, N.Y. areas. Saks Fifth Avenue took a much bigger hit with a dozen stores being shuttered.
Neiman Marcus is closing three locations with sites in the Honolulu, Canyon Park, Calif., and White Plains, N.Y. areas, according to company statements on Friday.. Saks Fifth Avenue bore the brunt of those shutterings as well, with eight stores getting shut down – and one for Neiman Marcus.With these steps, Saks has “has largely completed the optimization of its footprint,” the statement said. Still, it continues to engage with landlords as it works to make final decisions on stores. There are no changes to the Bergdorf Goodman operational footprint. Saks Global filed for bankruptcy in January, little more than a year after it acquired Neiman Marcus, which has a storied history in Dallas. The luxury retailer struggled to make the deal work as wealthy shoppers changed tastes, and the company was saddled with debts it was struggling to pay.“Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth,” Geoffroy van Raemdonck, CEO of Saks Global, said in the statement.The company said inventory flow has accelerated as more than 500 brands resume shipping — releasing close to $1.3 billion in retail receipts. Neiman Marcus is getting a bigger piece of the overall number of stores remaining open after the announced closures. Overall, Neiman Marcus and Saks will have more than 40 combined stores. Neiman Marcus stores will have more than 30 while Saks Fifth Avenue will have a dozen.Crayola Experience reopens at Willow Bend as Dallas Stars talk persistsBrian is a business reporter specializing in retail for the Dallas Morning News. He earlier covered technology for the Dallas Business Journal after working at other news providers in California, Ohio and Idaho. He now resides in Frisco.Daylight Saving Time is nearly here. This is when to turn your clocks forward an hour
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