Saks Global will close 15 more stores by May, after an earlier decision to shutter nine full-price stores and over 60 off-price locations as part of its bankruptcy proceedings. And its Saks Fifth Avenue and Saks Off 5th nameplates are taking the brunt of the cuts. 

Going forward, Saks Global—the name adopted by the company when it acquired Neiman Marcus and Bergdorf Goodman in 2024—will operate 13 Saks Fifth Avenue stores, roughly half the number it started with, and 12 Saks Off 5th locations. Meanwhile, 32 Neiman Marcus stores and the prized Bergdorf Goodman flagship will remain in operation.  

When Saks Global acquired NMG, it was viewed as a marriage of equals. But now Neiman Marcus has become the proverbial tail that wags the dog—and former NMG CEO Geoffroy van Raemdonck, brought back to guide the company through bankruptcy, is the one holding the leash.

Making Strategic Moves

One might assume that van Raemdonck is playing favorites—he certainly knows Neiman Marcus’ strengths since he was chiefly responsible for putting them there. But Saks Fifth Avenue was already treading water when it overreached to acquire NMG. 

Van Raemdonck now must make decisions that are in the best interest of the larger entity he oversees, and closing about half the Saks Fifth Avenue stores is one choice he’s made. His goal is to sharpen the company’s focus on the distinct capabilities of each nameplate and serve the loyal customers of each. 

“I want to operate in markets that have the most potential,” he shared with the Wall Street Journal, adding that there is little overlap between Saks, Neiman Marcus and Bergdorf Goodman customers. 

Of note, in those markets where Saks Fifth Avenue and Neiman Marcus stores will continue to operate, the company found less than a 15% customer overlap, reinforcing the rationale to keep multiple locations open—each serves a different customer base.

“We are committed to all three banners and strongly believe in each of their unique value propositions,” a company spokesperson shared. “By further differentiating our retail banners through distinct assortments and experiences, we will honor the heritage of each brand while positioning ourselves to lead multiple segments of the luxury market over the long term.”

The competitive landscape in the local trading area also influenced closing decisions. Bloomingdale’s and Nordstrom appeal to a similar luxury consumer demographic and by all accounts are performing quite well.  

Bloomingdale’s, the luxury banner under Macy’s, has been on a tear recently, with comparable sales up 9% in the third quarter ending November 1. Macy’s will report fourth-quarter on March 18. 

Nordstrom, too, hasn’t been sitting on its hands since being acquired by El Puerto de Liverpool. Its sales have risen 6% from September 2025 through January 2026. Yet last year Nordstrom closed locations in San Francisco, Santa Monica and St. Louis. 

No Favorites

The decision to close a location was based on a number of factors, including performance, lease economics and an assessment of its long-term potential. And that more closures were skewed toward Saks Fifth Avenue locations may be because NMG already closed under-performing stores during its reorganization process in 2020.  Going forward each store no matter the name above the door must earn its keep.  

Neiman Marcus and Saks Fifth Avenue will continue to jointly operate in Atlanta, Houston, Beverly Hills, Bal Harbour, FL and Troy, MI. Neiman Marcus will cede the Boston market to Saks, while in the D.C. suburb Tysons Corner, Saks will close and Neiman Marcus remain. 

Other overlaps where Neiman Marcus gets the nod include Philadelphia, Las Vegas, St. Louis, San Antonio, Chicago and Long Island. Neiman Marcus will stay open in Newport Beach, CA, and Short Hills, NJ, while neighboring Saks will close in Costa Mesa, CA, and East Rutherford, NJ. 

In cases were multiple stores operated, the decision to close one versus another was based on results. The locations that will remain open consistently drove three-to-four times more sales than the sister store. 

 “Some markets are not sustainable for both banners and the company is prioritizing quality over quantity,” the company said. 

Neiman Marcus stores in Honolulu, Topanga in Canyon Park, CA and Westchester in White Plains, NY will shutter with no Saks locations nearby. Here’s a full list of the 24 store closings and the 13 Saks and 32 Neiman Marcus stores to remain open.

Aggravating Amazon

While van Raemdonck is optimizing its brick-and-mortar footprint, he has also pulled Saks Fifth Avenue off Amazon—a tough pill for Amazon to swallow. 

Amazon saw the “Saks on Amazon” partnership as a pathway into the luxury market and put forward $475 million toward the acquisition of Neiman Marcus, with a guarantee it would get a $900 million payout over eight years from Saks. 

Amazon tried unsuccessfully to block some of Saks’ financing in the bankruptcy proceedings —“That equity investment is now presumptively worthless,” it said—and is now back in line with other unsecured creditors.

Restoring Trust

Another critical problem van Raemdonck inherited from Saks was a revolt from luxury brands that were left holding millions of dollars of unpaid receipts. He pulled some strings and convinced more than 500 brands to resume shipping merchandise, representing close to $1.3 billion in retail revenue, or over 80% of the inventory it will receive in the first quarter through April. 

Saks Global also said that it had reached or nearly reached agreements with over 175 brands it considers essential to its business. 

In a LinkedIn post, van Raemdonck provided an update on the bankruptcy proceedings. He announced that the company has secured $825 million of its committed $1.75 billion financing package through mid-January and that another $300 million just arrived. This will provide additional funds to uphold commitments to its brand partners.

“We are encouraged by the strong show of support from partners,” he stated, adding that it provides “public recognition of our progress and the important role we play in the industry.”

He also reported continued positive movement, noting the previous week’s inventory receipts were up 30% compared to the past year.

“While this is positive momentum, we recognize there is still important work to be done. We have taken a phased approach to our conversations with our partners as we navigate a high volume of discussions during this period. We are committed to engaging in equally productive discussions with many more partners very soon,” he continued.  

Van Raemdonck is making the moves necessary to bring the sprawling Saks Global luxury retail business back in line. The store closings may be disruptive in the short term, but his long-term focus is putting the business back together in a way that builds trust on both sides of the counter—winning back customers while restoring relations with the brands they expect to find there.