NEW YORK — The mother or father firm of Saks Fifth Avenue and Neiman Marcus is closing extra shops because it focuses on its most worthwhile companies and trims debt during its Chapter 11 bankruptcy restructuring.
Saks International Inc. stated Friday it’s going to shut 12 extra Saks Fifth Avenue shops and three extra Neiman Marcus shops. The shuttered Saks shops embody websites in Chevy, Chase, Maryland, Chicago and San Antonio, Texas. The shops will stay open till the tip of Might, an organization spokesperson stated.
The closures come on high of the eight Saks Fifth Avenue stores and one Neiman Marcus store it stated it might shut final month. The shops focused for the primary spherical of closing are anticipated to stay open till the tip of April.
With plans to shut a complete of 24 shops by spring, that would go away the mother or father firm with 13 Saks Fifth Avenue shops — together with its flagship retailer on Manhattan’s Fifth Avenue — in addition to 32 Neiman Marcus places and Bergdorf Goodman in New York Metropolis.
Saks additionally stated 500 manufacturers have resumed transport, releasing near $1.3 billion in retail receipts. That accounts for greater than 80% of the stock the corporate expects to obtain from February by means of April, with momentum anticipated to proceed, the corporate stated.
The mother or father firm can be in talks or has reached compensation agreements with about 175 suppliers.
Saks International has been shrinking its enterprise because it filed for Chapter 11 chapter in January. Final month, it stated it’s going to wind down 14 standalone Fifth Avenue Membership private styling suites, holding three.
It additionally shuttered house items retailer Horchow.com, a enterprise that Neiman Marcus acquired within the late Eighties. As of Feb. 19, buyers have been redirected to the house class on NeimanMarcus.com.
It is also closing down all however 12 of its Saks Off Fifth locations The remaining retailers will serve primarily as a promoting channel for residual stock from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
