Saks Global Enterprises LLC, which owns the Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman brands, has announced that the Neiman Marcus store that is one of the anchors at The Westchester in White Plains is closing. Saks Global said that the closing is part of its closing three Neiman Marcus locations along with 12 Saks Fifth Avenue stores. The Neiman Marcus in White Plains is expected to close in May. Thirty-two Neiman Marcus stores will remain open as will 13 Saks Fifth Avenue stores, according to the company.
“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,” said Geoffroy van Raemdonck, CEO of Saks Global. “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.”
Raemdonck said that by reducing its store count the company is”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.”
Saks Global, which has filed for Chapter 11 bankruptcy protection, says that it has current access to approximately $825 million of $1.75 billion in committed capital that has improved its liquidity position, enabling it to fund new orders for merchandise. It says that shipping has resumed by more than 500 brands releasing close to $1.3 billion in retail receipts. The company says that it has reached or nearly reached agreements with more than 175 brands across all categories, including large as well as smaller brands, and is committed to having equally productive discussions with more brand partners.
Saks Global says that the additional stores to be closed largely completes the optimization of its footprint. It says, however, that it continues to engage with landlords as it works to make final decisions on what its network of stores will look like going forward. It said that there are no changes planned for Bergdorf Goodman outlets.
“We recognize the impact these strategic decisions have on our colleagues and are deeply grateful for their contributions. We are supporting the impacted teams as much as we can through this transition and will provide transfer opportunities where available,” van Raemdonck said.
