Saks axes another 15 stores across the States

15 more Saks stores will be shuttered by May of this year as part of parent company Saks Global’s ongoing bankruptcy proceedings.

Although Saks Global includes Neiman Marcus and Bergdorf Goodman, following the company’s acquisition of these stores in 2024, its the Saks Fifth Avenue and Saks Off 5th brands that are mostly in the cross hairs, with about half of Saks Fifth Avenue stores closing.

This may be to do with the fact that the former CEO of Neiman Marcus Group (NMG) is now at the helm of Saks Global.

“I want to operate in markets that have the most potential,” he recently told the Wall Street Journal, also pointing out there isn’t huge crossover on the Venn diagram between Saks, Bergdorf Goodman, and Neiman Marcus customers.

In those locations where Saks Fifth Avenue and Neiman Marcus will continue to co-exist, the company says that it found less than a 15% overlap.

“We are committed to all three banners and strongly believe in each of their unique value propositions,” Saks Global said in a statement. “By further differentiating our retail banners through distinct assortments and experiences, we will honor the heritage of each brand while positioning ourselves to lead multiple segments of the luxury market over the long term.

“Some markets are not sustainable for both banners and the company is prioritizing quality over quantity,” the company continued.

Vendors continue to suffer in silence, despite a number having been convinced to resume shipping to the beleaguered retailer. Given the significance of the sales to these stores for medium and even large suppliers, such as LVMH and Gucci, it’s difficult to take a stand against Saks Global, especially now that it’s armed with close to $1 billion in financing from the Chapter 11 bankruptcy filing.

Vendors that have spoken with Watch Insider have said that they don’t expect to get back the money (often hundreds of thousands or millions of dollars) that it was previously owed.