Saks Global Cuts Stores, Focuses on Strong Businesses

0:00Stay tapped into pop culture in two minutes or less, with entertainment and celebrity news today. Socks Global, the parent company of Sacks Fifth Avenue, and Neiman Marcus, announced more store closures as part of its Chapter 11 bankruptcy. Restructuring, the company plans to shut down 12 additional Sacks Fifth Avenue locations and three more Neiman Marcus stores. This follows eight Sacks and one Neiman Marcus closures revealed last month. These latest stores will stay open until the end of May, while the earlier ones closed by the end of April. Overall, Sacks Global aims to close a total of 24 department stores by spring. After these changes, the company will operate just 13 Sacks Fifth Avenue stores, including its flagship on Manhattan's Fifth Avenue, along with 32 Neiman Marcus spots and Birddorf Goodman in New York City. The moves help Sacks Global focus on its strongest businesses and cut debt. It is already closed most of its Fifth Avenue club's styling suite. Shut down the hortchow.com home good site and reduced Sacks Fifth outlets to 12 for handling

1:05leftover inventory. Meanwhile, good news for operations. 500 brands have restarted shipping, unlocking close to $1.3 billion in retail receipts. That covers over 80% of expected inventory through April, with more progress ahead. Support for this DNN episode comes from our sponsor. No earbuds, no headbands, no awkward sleeping positions, just a pillow that plays your sound. S-O-L-I, solely pillow.com.