Saks Global Enterprises is closing more stores as it seeks to streamline its presence to have a Saks Fifth Avenue or a Neiman Marcus store in each market where the company continues operating based on unique considerations, including performance and customer preference.
The company stated that it would continue optimizing its store portfolio with the closure of an additional 12 Saks Fifth Avenue and three Neiman Marcus locations. The initiative expands the initial store closing effort announced last month and enables Saks to sharpen focus on the its distinctive capabilities and competitive advantages, the company noted.
With the latest closure schedule, Saks Global largely has completed the optimization of its footprint, the company asserted. Still, Saks continues to engage with landlords as the company works to make final decisions on its go-forward network of stores. Saks added it intends no changes to the Bergdorf Goodman operational footprint.
Saks Global filed for Chapter 11 bankruptcy protection in January, announcing shortly afterwards it would shutter most of its offprice operations. In February, the company announced it would close eight Saks Fifth Avenue and one Neiman Marcus location.
“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,” said Geoffroy van Raemdonck, Saks Global CEO. “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. With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”
