Saks Global Enterprises LLC (Saks Global) is advancing its planned optimization across its store portfolio by announcing the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus locations. 

This builds on the initial closures announced last month.

This also enables Saks Global to sharpen its focus on its capabilities and competitive advantages as it invests in opportunities to serve luxury customers, drive stronger full-price selling, and enhance brand equity for its partners.

Geoffroy van Raemdonck, Chief Executive Officer of Saks Global, commented, 

“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business. 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.”

Saks Global has largely completed the optimization of its footprint but continues to engage with landlords as it finalizes decisions on its go-forward store network. There are no changes to the Bergdorf Goodman operational footprint.

While select markets will be streamlined to include either a Saks Fifth Avenue or Neiman Marcus store based on unique considerations for each location, Saks Global will operate both banners.

van Raemdonck added,

“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.”

With approximately $825 million of the $1.75 billion in committed capital, Saks Global has improved its liquidity position, enabling it to fund new orders with brand partners. 

These efforts have significantly accelerated inventory flow, with shipping resumed by over 500 brands, resulting in nearly $1.3 billion in retail receipts.

Read Next

Estee Lauder Cos to Acquire Remaining Forest Essentials Stock