Salvation for three Saks Global stores previously earmarked for closure

Saks Global has performed a U-turn on the decision to close three of the stores that it had announced earlier this month would be closing in May.

The three were part of 15 that the company had earmarked for closure, but in an email to CoStar News the company said that the three stores will “remain open following recent productive conversations with our landlords and further evaluation.”

The three stores are a Neiman Marcus store in Westchester, New York; Saks Fifth Avenue in Palm Desert, California; and Saks Fifth Avenue in Sarasota, Florida. All are owned by the same landlord — Simon Property Group.

The closures had initially been announced as part of an ongoing restructure of the company, following its filing for Chapter 11 bankruptcy back in January, with the company bailed out to the tune of $1.75 billion as part of the bankruptcy court agreement.

“Our approach to optimizing our store footprint remains centered in ensuring we focus our presence in markets with a high concentration of luxury shoppers where we can operate at an attractive level of profitability,” Saks Global continued to CoStar news.

“We look forward to continuing to serve customers in these markets.”