Saks Fifth Avenue to close Chicago Mag Mile location

Iconic retailer to shutter 12 stores nationwide amid bankruptcy restructuring

Published on Mar. 8, 2026

Got story updates? Submit your updates here. ›

Saks Fifth Avenue's iconic store on Chicago's Magnificent Mile is set to close as part of a broader restructuring plan by parent company Saks Global. The closure is one of 12 Saks locations being shuttered across the country, while three Neiman Marcus stores will also close. However, Neiman Marcus' Michigan Avenue store in Chicago will remain open.

Why it matters

The closure of the Saks Fifth Avenue Mag Mile location marks the end of an era for the luxury retailer's presence in downtown Chicago. It reflects the broader challenges facing traditional brick-and-mortar department stores as they navigate the shift to e-commerce and changing consumer shopping habits.

The details

Saks Global filed for Chapter 11 bankruptcy in January and is now restructuring its operations. In addition to the 12 Saks stores slated for closure, the company is also shutting down three Neiman Marcus locations. However, Neiman Marcus' flagship store on Chicago's Michigan Avenue will stay open.

  • Saks Global filed for Chapter 11 bankruptcy in January 2026.
  • The 12 Saks Fifth Avenue and 3 Neiman Marcus store closures are part of the company's ongoing restructuring plan.

The players

Saks Global

The parent company of luxury retailer Saks Fifth Avenue, which filed for Chapter 11 bankruptcy in January 2026 and is now restructuring its operations.

Neiman Marcus

A luxury department store chain that is also owned by Saks Global, with three locations closing as part of the restructuring but the Michigan Avenue store in Chicago remaining open.

Got photos? Submit your photos here. ›

The takeaway

The closure of the iconic Saks Fifth Avenue store on Chicago's Magnificent Mile is a symbolic blow to the city's retail landscape, reflecting the broader challenges facing traditional department stores as they adapt to the rise of e-commerce and changing consumer preferences.