Saks Fifth Avenue to Close 9 Stores Amid Bankruptcy Restructuring

The luxury retailer is shuttering eight Saks Fifth Avenue and one Neiman Marcus location as part of a broader effort to reduce debt and focus on online sales.

Published on Feb. 11, 2026

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Saks Global Enterprises, the parent company of Saks Fifth Avenue and Neiman Marcus, is moving forward with a restructuring plan that includes the closure of nine stores across the United States. The decision comes as the luxury retailer navigates through Chapter 11 bankruptcy proceedings. The closures encompass eight Saks Fifth Avenue locations and one Neiman Marcus store in Boston, signaling a strategic shift towards profitability and a greater focus on online sales.

Why it matters

The Saks Fifth Avenue store in New Orleans, operating since the early 1980s, holds a significant place in the city's retail history and was a key anchor for downtown shopping. Its closure has sparked concerns among neighboring businesses about the potential decline in foot traffic, job losses, and reduced overall spending in the area. The broader implications of these closures reflect the challenges facing the luxury retail sector, including increased competition from online retailers and changing consumer preferences.

The details

The decision to shutter these locations stems from their underperformance and presence in smaller markets with limited growth potential. Alongside the store closures, Saks is also reducing its footprint of standalone Fifth Avenue Club personal styling suites and transitioning its Horchow home décor brand exclusively online. The company is seeking court approval to proceed with the store closures and has already begun to consolidate its Saks OFF 5TH and Neiman Marcus Last Call locations.

  • The closures were announced on February 10, 2026.
  • The New Orleans Saks Fifth Avenue store is slated for closure in April 2026.

The players

Saks Global Enterprises

The parent company of Saks Fifth Avenue and Neiman Marcus, which is navigating through Chapter 11 bankruptcy proceedings.

Matt Wolfe

Chief Marketing Officer at Greater New Orleans Inc., who emphasized the longstanding importance of the Saks Fifth Avenue store to the downtown New Orleans shopping experience.

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What they’re saying

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The company is seeking court approval to proceed with the store closures.

The takeaway

The Saks Global restructuring and store closures highlight the broader challenges facing the luxury retail sector, including increased competition from online retailers and changing consumer preferences. The success of Saks Global's restructuring will depend on its ability to effectively navigate these challenges and capitalize on the opportunities presented by the digital economy.