Saks Global, the New York-headquartered luxury retailer that owns Saks Fifth Avenue and Neiman Marcus, will close 15 more department stores as it works through a Chapter 11 bankruptcy filed in January 2026 — the latest contraction for a company whose ambitions to consolidate American luxury retail have collapsed under the debt that paid for them.

The closures

In early March, Saks Global said it would shutter 12 additional Saks Fifth Avenue stores and 3 more Neiman Marcus locations. That comes on top of 9 closures announced earlier in the bankruptcy, and runs alongside roughly 45 Saks Off 5th discount outlets, 14 Fifth Avenue Club personal-shopping suites, and a distribution center.

The Saks Fifth Avenue stores slated to close span markets including Chicago’s Michigan Avenue, Las Vegas, St. Louis, San Antonio, Costa Mesa and Palm Desert in California, Sarasota, Florida, and Tysons, Virginia, among others. Neiman Marcus closures include locations in Honolulu and White Plains, New York. Most of the newly announced full-line stores are set to close by the end of May 2026.

Notably, the Saks Fifth Avenue flagship across from Rockefeller Center in Midtown Manhattan — the brand’s symbolic home — is not among the closures.

How it got here

The crisis traces to ambition. In December 2024, the Hudson’s Bay-affiliated owner of Saks Fifth Avenue closed a roughly $2.7 billion acquisition of Neiman Marcus, combining the two best-known names in American luxury department-store retail into Saks Global. The deal loaded the combined company with billions in debt at a moment when the department-store model was already under pressure.

By late 2025, vendors were complaining of late or missed payments, and some halted shipments — starving the stores of the very luxury inventory that draws affluent shoppers. The cash crunch and debt load pushed the company into Chapter 11 in January 2026.

Leadership shuffle

The bankruptcy arrived amid a leadership shake-up. Marc Metrick stepped down as chief executive in early January 2026. Geoffroy van Raemdonck — who had steered Neiman Marcus Group out of its own bankruptcy years earlier — was installed as CEO of Saks Global as part of the restructuring, with Richard Baker, the architect of the consolidation strategy, remaining central to the company’s direction.

What’s next

Saks Global secured roughly $500 million in financing to fund operations through the restructuring and said it expects to exit bankruptcy by the summer of 2026. It is working to restart inventory shipments from more than 500 brands, accounting for the bulk of expected merchandise heading into the spring.

For New York, the company’s distress is more than a national retail story. Saks Global is headquartered in the city, and the Saks Fifth Avenue flagship is a Midtown landmark and tourist draw. The bankruptcy underscores the strain on traditional department stores even as parts of the city’s luxury corridor — and the broader premium-spending economy — have held up. How much of the consolidated empire survives the summer will shape the next chapter of Fifth Avenue retail.

Verification

Frequently Asked Questions

Why did Saks Global file for bankruptcy?
Saks Global filed for Chapter 11 protection in January 2026 under heavy debt tied to its $2.7 billion acquisition of Neiman Marcus, which closed in December 2024, plus vendor-payment disputes that interrupted inventory shipments. Reports put the company's debt load in the multibillion-dollar range.
How many stores is Saks closing?
In March 2026, Saks Global said it would close 12 more Saks Fifth Avenue stores and 3 more Neiman Marcus stores, on top of 9 closures announced earlier. It is also shutting roughly 45 Saks Off 5th outlets and 14 Fifth Avenue Club suites.
Is the Saks Fifth Avenue flagship in Manhattan closing?
No. The flagship Saks Fifth Avenue store across from Rockefeller Center in Midtown Manhattan is not on the closure lists. The shuttered locations are in markets including Chicago, Las Vegas, St. Louis, San Antonio and Costa Mesa, California.
Who is running Saks Global now?
Marc Metrick stepped down as CEO in early January 2026. Geoffroy van Raemdonck, who previously led Neiman Marcus Group out of bankruptcy, was named CEO of Saks Global as part of the Chapter 11 process, with Richard Baker remaining a central figure.