Overview
- Eight Saks Fifth Avenue locations will shutter in Birmingham, Columbus, East Rutherford, New Orleans, Philadelphia/Bala Cynwyd, Phoenix, Richmond, and Tulsa, and one Neiman Marcus store will close at Boston’s Copley Place.
- The affected department stores are expected to remain open through the end of April, with store-closing sales anticipated to start around February 20 pending bankruptcy-court approval at a hearing on Friday.
- Saks Global will wind down 14 standalone Fifth Avenue Club personal styling suites this weekend while keeping three locations, part of a shift to serve clients through stronger full-line markets.
- Horchow’s home assortment will move to NeimanMarcus.com beginning February 19, with existing Horchow.com orders fulfilled without interruption.
- Following this round, the company projects operating 25 Saks Fifth Avenue stores and 35 Neiman Marcus stores, will keep Bergdorf Goodman unchanged, and continues its Chapter 11 restructuring supported by about $1.75 billion in committed financing and prior off-price wind-downs.