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Huntington Station Today
By the People, for the People
Saks Shutters Dozens of Stores in 'Strategic Optimization'
Luxury retailer Saks Global files for bankruptcy and announces closure of 15 Saks Fifth Avenue and Neiman Marcus locations.
Published on Mar. 9, 2026
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Saks Global, the parent company of luxury retailer Saks Fifth Avenue, has announced the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus stores as part of a 'strategic optimization' of its portfolio after filing for Chapter 11 bankruptcy in January. The company says the closures will help it 'sharpen its focus' and 'deliver exceptional products, elevated experiences and highly personalized service' to luxury customers.
Why it matters
The Saks bankruptcy and store closures mark one of the largest retail shakeups since the COVID-19 pandemic, as the company grapples with acquisition-related debt and sliding sales. The move reflects broader challenges facing traditional brick-and-mortar luxury retailers as consumer shopping habits shift.
The details
The newly announced closures add to the 9 Saks Fifth Avenue locations the company shuttered last month. In total, Saks Global will be closing 12 Saks Fifth Avenue stores and 3 Neiman Marcus stores across the U.S. as part of its 'strategic optimization' efforts. CEO Geoffroy van Raemdonck said the refined store footprint will enable the company to 'deepen loyalty and drive sustainable growth' by focusing on the 'best performing and most desirable locations' with the 'highest concentration of luxury customers'.
- Saks Global filed for Chapter 11 bankruptcy protection in January 2026.
- The company announced the additional 15 store closures on March 9, 2026.
The players
Saks Global
The parent company of luxury retailer Saks Fifth Avenue, which filed for bankruptcy in January 2026.
Geoffroy van Raemdonck
The CEO of Saks Global, who said the refined store footprint will enable the company to 'deepen loyalty and drive sustainable growth'.
What they’re saying
“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. With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”
— Geoffroy van Raemdonck, CEO, Saks Global (Newsweek)
What’s next
Saks Global told *Newsweek* in January that it expected to emerge from the bankruptcy process 'as a stronger company later this year.'
The takeaway
The Saks bankruptcy and store closures highlight the ongoing challenges facing traditional brick-and-mortar luxury retailers as consumer shopping habits shift. By optimizing its store footprint, Saks aims to create a stronger platform to serve its luxury customers and brand partners, though the path forward remains uncertain.
