Saks Fifth Avenue parent closing 15 more stores in bankruptcy — here are the locations
NY Post
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
The company has largely completed the process of shutting down underperforming stores with Friday’s announcement, but was still working with some landlords to finalize its store count after weak sales led to the company defaulting on vendor payments and losing out on inventory as brands stopped shipping products last year, it said.
The company is closing 12 Saks Fifth Avenue stores and three Neiman Marcus locations. Locations include stores in Chicago, Las Vegas, San Antonio and Tysons Va. There will be 13 Saks Fifth Avenue stores and 32 Neiman Marcus stores remaining.
The restructuring does not affect its portfolio of two Bergdorf Goodman stores in New York. Saks had shut most of its Saks OFF Fifth retail locations and remaining Neiman Marcus Last Call stores in an earlier round of closures.
Saks said its inventory flow has improved with more than 500 brands resuming shipping and releasing nearly $1.3 billion in retail receipts.
On Feb. 20, a US bankruptcy judge gave final approval to Saks Global’s bankruptcy financing, which provided $1 billion in new funding to the company. The company resolved concerns from vendors such as Chanel, Dolce & Gabbana, LVMH, as well as landlords and Amazon about getting paid for goods shipped to the retailer before it went bankrupt.
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.
After nearly 50 years in Orange County, Yamaha Motor Corp. USA is packing up its headquarters — trading Cypress, California for Kennesaw, Georgia in a sweeping corporate shift that will impact about 250 workers.The motorcycle and motorsports giant says the move is part of major “structural reforms” meant to boost profits as costs climb — including pressure from tariffs imposed during the administration of President Donald Trump and shifting market conditions.
Southern California’s luxury shopping landscape is shrinking as three high-end department store locations prepare to shut their doors.
Stocks went on a rollercoaster ride Monday — with the Dow finishing in positive territory on upbeat comments from President Trump after plunging nearly 900 points on simmering stagflation fears.
Private equity firm KKR is working with advisers on a sale of data center cooling company CoolIT Systems for a price tag potentially exceeding $3 billion, the Financial Times reported on Sunday, citing people familiar with the matter.
John Tatum is one of the most plugged-in businessmen I know, and yet when the bombs started flying over his hotel room in downtown Doha — just a few minutes from the embattled US military facility in Qatar — he was stranded and helpless.
Morgan Stanley’s surprise round of layoffs this past week was the result of “shifting business and location priorities,” and “individual job performance” issues here and abroad, according to the firm’s flacks.
Saks Global said Friday it was closing 15 more stores as the luxury retailer, which filed for bankruptcy earlier this year, tries to cut losses and focus on more profitable, higher-end locations.
Bars and eateries are adapting to the Ozempic era by offering mini cocktails.
Six Flags Entertainment will sell off seven of its amusement parks in the United States and Canada to EPR Properties, the company announced Thursday.
A pair of baby-faced Goldman Sachs bankers could be fired over flashy photo shoots and interviews they gave for an “unauthorized” spread in a trendy New York magazine, The Post has learned.
Ex-Fox News host Tucker Carlson took a major hit last week when a multimillion-dollar load of his ALP nicotine pouches vanished in a hijacking in Los Angeles. Now he’s offering a financial windfall to whoever tracks them down or the people responsible.