Major Retailer To Consolidate Greenwich Footprint, Reduce Stores

GREENWICH, CT — Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, says it has made the "strategic decision" to consolidate its presence in Greenwich "to create a more cohesive shopping experience" for customers.

The company will consolidate its Saks Fifth Avenue Greenwich store footprint from three buildings down to one.

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"This planned consolidation, unrelated to the company’s Chapter 11 process, is intended to centralize our Greenwich offering under one roof, enabling us to deliver a more streamlined and convenient shopping experience," a Saks Global spokesperson told Patch on Thursday.

"We remain committed to serving the Greenwich community through our main Saks Fifth Avenue store location."

The standalone men's store on Greenwich Avenue will close effective May 16.

"We look forward to serving our men’s customers at our nearby Neiman Marcus Westchester store and online," the spokesperson said.

Read also: Incoming Grocery Store Begins Hiring In Greenwich

The women's shoe store at 20 E. Elm St. will relocate to the main store at 205 Greenwich Ave. in June.

The decision is not part of a broader market exit, according to the company.

Earlier this year, Saks Global announced it would close the majority of its Saks OFF 5TH retail locations and remaining Last Call stores after the company entered into Chapter 11 bankruptcy proceedings in January.

In Connecticut, Saks OFF 5TH locations closed in Clinton and Stamford in February.

Read also: Greenwich-Based Company Agrees To $17 Billion Acquisition, Expanding Market Footprint

Saks announced it would buy Neiman Marcus for $2.65 billion in the summer of 2024, with the goal of creating a powerhouse in a luxury sector that had grown more fragmented. Online sellers have been siphoning customers, and big-name brands have expanded the number of their own stores to sell their goods.

But the acquisition only added to an already onerous debt at Saks as luxury sales weakened. Saks was having trouble paying suppliers before, and by last year, it began to stretch out payment periods, angering brands and fraying relationships.

Patch editor Anna Schier and the Associated Press contributed reporting