Saks is closing 8 locations as part of its bankruptcy
Saks Global, the parent company behind Saks Fifth Avenue and Neiman Marcus, just announced it's closing eight Saks Fifth Avenue stores as well as its Neiman Marcus Boston store as part of its Chapter 11 bankruptcy plans.
Locations in Philly, Columbus (Ohio), and Phoenix are on the list.
After this round, they'll still have 25 Saks Fifth Avenue stores, 35 Neiman Marcus spots, and two Bergdorf Goodman locations.
They're also reducing Off 5th and Last Call locations
On top of those closures, Saks is planning additional reductions among its Off 5th and Last Call locations.
Even so, Saks is hanging onto a dozen Off 5th stores to handle leftover inventory from their main brands.
Saks Global filed for Chapter 11 in January
Saks Global filed for bankruptcy in January after buying Neiman Marcus left them with major debt.
As part of restructuring, they're also shutting down the SaksOff5th.com website.
CEO Geoffroy van Raemdonck says these moves are about giving their luxury brands a better shot at long-term success—even if it means some tough choices now.