The parent company of Saks Fifth Avenue and Neiman Marcus is closing more of its department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring
ByANNE D’INNOCENZIO AP retail writer
NEW YORK — The parent company of Saks Fifth Avenue and Neiman Marcus is closing more department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring.
Saks Global Inc. said Friday it will close 12 more Saks Fifth Avenue stores and three more Neiman Marcus stores. The shuttered Saks stores include sites in Chevy, Chase, Maryland, Chicago and San Antonio, Texas. The stores will remain open until the end of May, a company spokesperson said.
The closures come on top of the eight Saks Fifth Avenue stores and one Neiman Marcus store it said it would close last month. The stores targeted for the first round of closing are expected to remain open until the end of April.
With plans to close a total of 24 department stores by spring, that would leave the pare