Saks Global will close 15 more stores as the luxury retailer moves to cut losses and focus on more profitable locations after filing for bankruptcy earlier this year.
The company said 12 Saks Fifth Avenue stores and three Neiman Marcus locations will close as part of efforts to streamline its store portfolio and prioritise markets with a higher concentration of luxury customers.
The move follows a previous round of closures announced last month.
Saks Global said its future physical presence will centre on the “best-performing and most desirable” locations.
In certain markets, the retailer plans to operate either a Saks Fifth Avenue or Neiman Marcus store based on performance and customer demand, while maintaining both banners in key luxury destinations where growth opportunities are stronger.
With the latest closures, Saks Global said it has “largely completed the optimisation of its footprint but continues to engage with landlords as it works to make final decisions on its go-forward network of stores”.
The operational footprint of Bergdorf Goodman will remain unchanged.
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
“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.”
The retailer added that its stores and e-commerce platforms across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman will continue operating as usual, apart from the locations scheduled to close.
Customers in markets without a physical store will be served through e-commerce and remote selling.
The company said its liquidity has strengthened, with access to around $825m of $1.75bn in committed capital, enabling it to resume placing orders with brand partners.
Inventory shipments have accelerated as more than 500 brands resumed deliveries, releasing nearly $1.3bn in retail receipts.
Saks Global said it has reached or nearly reached agreements with over 175 brands as it works to rebuild supplier relationships during restructuring.
