Saks Global Axing 15 More Luxury Stores

Saks Global (New York) has announced a second wave of store closings as it seeks to optimize its physical footprint under Chapter 11 bankruptcy. Slated to close are an additional 12 Saks Fifth Avenues– including such high-profile locations as Michigan’s Michigan Avenue and Las Vegas Boulevard, along with 3 Neiman Marcus locations. (Click here for a list of all the stores that are closing.)

These latest closings come on the heels of an initial set of closures the retailer announced last month and are designed to further enable Saks Global “to sharpen its focus on the company’s distinctive capabilities and competitive advantages as it invests in opportunities to serve luxury customers, drive stronger full-price selling and enhance brand equity for its partners,” the company said in a news release.

Part of what’s going on here is the retailer is paring sites in which it operates both a Saks Fifth Avenue and Neiman Marcus location. However, the company also said it will continue to operate both banners in leading luxury destinations that represent a significant growth opportunity.

“By further differentiating its retail banners through distinct assortments and experiences, the company will honor the heritage of each brand while positioning itself to lead multiple segments of the luxury market over the long-term,” it said.

Saks says the latest closures also mean it “has largely completed the optimization of its footprint but will continue to engage with landlords as it works to make final decisions on its go-forward network of stores.”

Once the above moves take place, the chain will be left with 13 Saks stores and 32 Neiman Marcus stores, along with Bergdorf Goodman’s adjoining two stores in Manhattan.