Saks, Neiman Marcus to Close 15 Stores Amid Bankruptcy Restructuring

The luxury retailer will focus on high-performing markets as it emerges from Chapter 11 proceedings.

Published on Mar. 9, 2026

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Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, has announced it will close 15 department stores by May 2026 as part of its bankruptcy restructuring. The closures include 12 Saks Fifth Avenue locations and 3 Neiman Marcus stores across 12 states, as the company looks to cut debt and focus on its highest-performing luxury markets.

Why it matters

The store closures reflect the ongoing challenges facing traditional brick-and-mortar retailers, especially in the luxury sector, as consumer shopping habits continue to shift towards e-commerce. The move is part of Saks Global's efforts to streamline operations and strengthen its competitive position as it emerges from bankruptcy.

The details

Saks Global will operate just 13 Saks Fifth Avenue stores and 32 Neiman Marcus locations going forward, down from nearly double that number previously. The company's flagship Saks Fifth Avenue store in Manhattan and the two Bergdorf Goodman stores in New York City will remain open. Saks Global CEO Geoffroy van Raemdonck said the refined footprint will enable the company to deepen loyalty, drive sustainable growth, and provide a more compelling customer experience.

  • Saks Global will close the 15 stores by the end of May 2026.
  • This announcement follows an earlier round of closures in February, which included 8 Saks Fifth Avenue stores and 1 Neiman Marcus location.

The players

Saks Global

The parent company of Saks Fifth Avenue and Neiman Marcus, which is undergoing a Chapter 11 bankruptcy restructuring.

Geoffroy van Raemdonck

The CEO of Saks Global, who stated the company's strategy to focus on high-performing luxury markets and provide a more compelling customer experience.

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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.”

— Geoffroy van Raemdonck, CEO, Saks Global (dailyvoice.com)

What’s next

Saks Global plans to shutter nearly all Saks OFF 5TH locations, leaving only 12 stores to sell residual inventory.

The takeaway

The Saks and Neiman Marcus store closures highlight the ongoing challenges facing traditional luxury retailers as they adapt to changing consumer preferences and the rise of e-commerce. The streamlining of Saks Global's physical footprint is part of its broader efforts to strengthen its competitive position and provide a more compelling customer experience in the high-end retail market.