Saks Fifth Avenue store in Bala Cynwyd to close

Eight Saks locations and one Neiman Marcus to shutter as parent company files for bankruptcy

Published on Feb. 10, 2026

Got story updates? Submit your updates here. ›

Saks Global announced that the Saks Fifth Avenue store in Bala Cynwyd, just outside of Philadelphia, is among eight Saks locations that will close after the company filed for Chapter 11 bankruptcy reorganization. The store closures are part of the company's efforts to reinforce its luxury brands and streamline its operations.

Why it matters

The closure of the Bala Cynwyd Saks store is part of a broader restructuring by Saks Global as it looks to cut costs and focus on its most profitable locations. The move reflects the challenges facing traditional brick-and-mortar luxury retailers as they compete with online shopping and changing consumer preferences.

The details

Saks Global said the eight Saks Fifth Avenue stores targeted for closure, as well as one Neiman Marcus location in Massachusetts, will remain open until the end of April. The company is also winding down 14 standalone Fifth Avenue Club personal styling suites and closing its Horchow.com home goods site. After the closures, Saks Global will operate 25 Saks Fifth Avenue stores, 35 Neiman Marcus stores, and two Bergdorf Goodman stores.

  • Saks Global filed for Chapter 11 bankruptcy reorganization on January 14, 2026.
  • The Bala Cynwyd Saks Fifth Avenue store and other targeted locations will close by the end of April 2026.

The players

Saks Global

The parent company of luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, which filed for Chapter 11 bankruptcy in January 2026.

Geoffroy van Raemdonck

The CEO of Saks Global, who announced the store closures and other restructuring actions.

Got photos? Submit your photos here. ›

What they’re saying

“We are initiating a series of actions to reinforce Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman as the ultimate destinations for luxury with a seamless multichannel shopping experience.”

— Geoffroy van Raemdonck, CEO, Saks Global (CBS News)

What’s next

The remaining Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores will continue operating as the company works through its bankruptcy reorganization.

The takeaway

The closure of the Bala Cynwyd Saks store reflects the broader challenges facing traditional luxury retailers as they adapt to changing consumer preferences and increased competition from online shopping. Saks Global's bankruptcy filing and store closures are part of its efforts to streamline operations and reinforce its luxury brands.