The insolvent US retail group Saks Global announced a series of store closures on Tuesday. As part of a strategic optimization of the stationary presence, eight Saks Fifth Avenue locations and one Neiman Marcus store are to be closed as a first step. Bergdorf Goodman branches are not affected for the time being. The company stated that it wanted to focus on locations that have the highest growth potential.
CEO Geoffroy van Raemdonck said in a statement that the measures allowed the group to improve its offering across all sales channels while investing in long-term growth and value creation.
In addition, Saks Global will close the majority of its standalone Fifth Avenue Club personal styling locations. These were originally set up to reach customers in markets without physical Saks stores, the company explained. The plan is now to use the existing branch network of the Neiman Marcus Group, which was taken over in 2024, to serve many of these regions. Only three “Fifth Avenue Club” locations in high-growth markets will remain in place in the future.
The group also announced that it would integrate its Horchow furnishings platform into the Neiman Marcus online shop. Starting February 19, Horchow.com customers will be redirected to NeimanMarcus.com to pool merchandising, marketing and technology resources, the retailer said.
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