​Iconic Luxury Retail Chain Announces More Closures, Including In NJ

Shoppers can expect more closures at select Saks Fifth Avenue and Neiman Marcus locations across the country, including in New Jersey.

Saks Global said Tuesday they will be closing eight Saks Fifth locations and one Neiman Marcus location as part of its strategic action "to optimize its operations, including an initial phase of store footprint optimization."

"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 multi-channel shopping experience," stated Geoffroy van Raemdonck, Chief Executive Officer of Saks Global.

The New Jersey location listed is Saks Fifth Avenue at the American Dream in East Rutherford (Bergen County).

Other Saks Fifth Avenue locations to close include:

• The Summit (Birmingham, AL)
• Polaris Fashion Place (Columbus, OH)
• Shops at Canal Place (New Orleans, LA)
• Bala Plaza (Philadelphia, PA)
• Biltmore Fashion Park (Phoenix, AZ)
• Stony Point Fashion Park (Richmond, VA)
• Utica Square (Tulsa, OK)

Additionally, a Neiman Marcus location at Copley Place (Boston, MA) is also closing.

"By optimizing our operational footprint, we will be better positioned to deliver exceptional products, elevated experiences and highly personalized service across all channels, while simultaneously positioning our company to make investments that enable long-term growth and value creation," stated Raemdonck.

The nine location closures are part of the luxury company's first phase of this ongoing review.

Saks Global assured shoppers that aside from the select location closures, the Company's stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman are operating as usual. There are no changes to the Bergdorf Goodman operational footprint.

The company entered into Chapter 11 bankruptcy proceedings in January.

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.

According to the bankruptcy filing, the company listed $1 billion to $10 billion in assets and liabilities.

Patch editor Jeff Edwards and Anna Schier, and the Associated Press contributed reporting.

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