Trending Now - Neiman Marcus and Saks Global to Close Multiple Stores

WHO:

Saks Global Inc. (parent company of Saks Fifth Avenue and Neiman Marcus)

Geoffroy van Raemdonck (CEO of Saks Global)

Employees of the Neiman Marcus store at Ala Moana Center

WHAT:

Saks Global is closing three Neiman Marcus stores and 12 Saks Fifth Avenue stores as part of a restructuring plan.

The Neiman Marcus store at Ala Moana Center will close by the end of May 2026.

The company filed for Chapter 11 bankruptcy on January 13, 2026, with $3.4 billion in debt.

The closures include stores in Canyon Park, California, and White Plains, New York, as well as locations in Chevy Chase, Maryland, Chicago, and San Antonio, Texas.

A total of 24 department stores are planned to close by spring 2026.

Saks Global has resumed shipping for 500 brands, releasing close to $1.3 billion in retail receipts.

WHERE:

Neiman Marcus store at Ala Moana Center, Honolulu, Hawaii

Canyon Park, California

White Plains, New York

Chevy Chase, Maryland

Chicago, Illinois

San Antonio, Texas

Saks Off 5th outlets at Ala Moana Center and Waikele Premium Outlets, Hawaii

WHEN:

Neiman Marcus opened at Ala Moana Center in September 1998.

The closure announcement was made on March 7, 2026.

The Neiman Marcus store is expected to close by the end of May 2026.

The first round of closures is expected to remain open until the end of April 2026.

WHY:

The closures are part of Saks Global's strategic optimization plan to focus on its most profitable businesses and reduce debt during its Chapter 11 bankruptcy restructuring.

HOW:

The company is implementing a strategic optimization plan and has reached repayment agreements with about 175 suppliers.

Customers will no longer be able to purchase new gift cards at closing locations, and existing gift cards will be accepted for 15 days after the closing sale begins.

Saks Global Inc., the parent company of Saks Fifth Avenue and Neiman Marcus, announced today that it will close three Neiman Marcus stores, including the one at Ala Moana Center in Honolulu, by the end of May 2026, as part of a restructuring plan following its Chapter 11 bankruptcy filing in January with $3.4 billion in debt. In total, 24 department stores will be shuttered, including locations in California, New York, Maryland, Illinois, and Texas, while Saks Global has resumed shipping for 500 brands, releasing nearly $1.3 billion in retail receipts. Customers at the closing locations will no longer be able to purchase new gift cards, but existing gift cards will be accepted for 15 days after the closing sale begins.