Saks Global is reportedly set to close 15 more stores as part of its restructuring.
The luxury department store retailer announced on 6 March that it would be shutting 12 Saks Fifth Avenue shops as well as three Neiman Marcus stores.
The news comes after nine shop closures had previously been announced.
Saks Global CEO Geoffroy van Raemdonck said: “This strategic optimisation is part of our ongoing transformation and rooted in our long-term view of our business.
Although the business said that it had mostly shut its underperforming shops, it reportedly remains in talks with landlords regarding potential further closures.
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The 12 Saks Fifth Avenue shops due to close are as follows:
- 26100 Cedar Road, Beachwood, Ohio
- 5555 Wisconsin Avenue, Chevy Chase Village, Maryland
- 700 North Michigan Avenue, Chicago, Illinois
- 3333 Bristol Street, Costa Mesa, California
- 3200 Las Vegas Boulevard South, Las Vegas, Nevada
- 230 Walt Whitman Road, Huntington Station, New York
- 73555 El Paseo, Palm Desert, California
- 7700 Old Wake Forest Road, Raleigh, North Carolina
- 7400 San Pedro Avenue, San Antonio, Texas
- 120 University Town Center Drive, Sarasota, Florida
- 1 Plaza Frontenac Street, St Louis, Missouri
- 2051 International Drive, McLean, Virginia
The three Neiman Marcus shops due to close are as follows:
- 1450 Ala Moana Boulevard Level Three, Honolulu, Hawaii
- 6550 Topanga Canyon Boulevard, Canoga Park, California
- 2 Maple Avenue, White Plains, New York
Retail Gazette has contacted Saks Global for comment.
It comes after Saks Global filed for chapter 11 voluntary bankruptcy in January, a year after snapping up Neiman Marcus and Bergdorf Goodman.
The company received £740m in new funding in February, after a US bankruptcy judge approved the loan to Saks Global.
It comes after the business reached deals with luxury brands that voiced concerns over being paid for products shipped to the retailer before it filed for bankruptcy.
The luxury department store group had been met with opposition for its bankruptcy financing from Dolce & Gabbana, Chanel, LVMH and Amazon, which had partnered with Saks on an online sales platform.
The company said that it needed the funds to fix vendor relationships and give it time to renegotiate its debt.
The £1.29bn bankruptcy loan includes refinancing of pre-existing debts, as well as an expanded borrowing limit on Saks’ asset-based lending facility.
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