Saks Global to shutter 15 more department stores in bankruptcy restructuring
ABC News
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
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 parent company with 13 Saks Fifth Avenue stores — including its flagship store on Manhattan’s Fifth Avenue — as well as 32 Neiman Marcus locations and Bergdorf Goodman in New York City.
Saks also said 500 brands have resumed shipping, releasing close to $1.3 billion in retail receipts. That accounts for more than 80% of the inventory the company expects to receive from February through April, with momentum expected to continue, the company said.
Air China will resume flights between Beijing and North Korea starting on March 30 after train services restarted earlier this week
A strong chemical smell has forced a temporary halt to flights at four major airports near Washington, D.C. The FAA says air traffic controllers cannot manage traffic safely during the incident
U.S. job openings rose to nearly 7 million in January, better than expected at a time when the American labor market has looked sluggish
Advocates say alligator farming has turned the demand for boots and bags into a boost for a species often seen as scary, bothersome or good only for their leathery skins
The U.S. economy, hobbled by last fall’s 43-day government shutdown, advanced at a sluggish 0.7% annual rate from October through December, the Commerce Department reported Friday in a big downgrade of its initial estimate
China has sharply reduced its warplane flights near Taiwan and analysts aren't sure why
South African soldiers deployed in the country’s high-crime areas have dismantled illegal mining operations Johannesburg
The Panama Canal's administrator says the war in the Middle East and higher fuel prices make the canal more appealing for shippers
Tom Dundon has sold a portion of the NHL's Carolina Hurricanes to three new minority owners
An artisanal mine collapse in the Central African Republic has killed eight miners and injures five others
The average long-term U.S. mortgage rate rose again this week, reflecting ongoing bond market jitters over the war with Iran
The biggest new restaurant trend is small
Some commercial ships near or in the Strait of Hormuz and in the Persian Gulf have declared themselves as China-linked since the Iran war began, marine traffic data show, as their operators try to reduce risks of being targeted in attacks