Consumer
Saks Global to Close Nine Stores Across US as Part of Bankruptcy
Saks Global is restructuring its debt and cutting costs in order to come out of Chapter 11 as a leaner, more financially-sound company.
Photographer: Bing Guan/BloombergSaks Global Enterprises said it’s closing more than 10% of its full-price stores across the US as part of its efforts to emerge from bankruptcy as a smaller and more profitable department-store operator.
Eight Saks Fifth Avenue stores are closing, including those in Philadelphia and Phoenix. The Neiman Marcus store at Copley Place in Boston is also shuttering, the company said Tuesday.