Saks Global Shuts Down More Stores, Trims Operations

0:00On March 6th, Sachs Global, the parent company behind Sachs 5th Avenue and Neiman Marcus is shutting down more department stores as part of it. Bankruptcy Overhaul, the retailer announced plans to close 12 additional Sachs 5th Avenue locations and 3 more Neiman Marcus spots on top of 8 Sachs and 1. Neiman Marcus store from last month. That brings the total to 24 closures by spring's end. These moves leave Sachs Global with just 13 Sachs 5th Avenue stores, including the iconic flagship on 5th Avenue in Manhattan, 32. Neiman Marcus locations and the Bergdorf Goodman store in New York City. The latest stores to close will stay open through the end of May, while the earlier ones wrap up by late April. The company has been trimming operations since filing for Chapter 11 bankruptcy back in January, aiming to cut debt and zero in on top earners. This includes winding down most of its personal styling suites and redirecting shoppers from the old Hortchow Home Good site to Neiman Marcus online.

1:02On a brighter note, 500 brands have restarted shipping to Sachs Global, unlocking close to $1.3 billion in payments. That's more than 80% of the inventory expected from February through April, with more gains on the horizon. Meanwhile, Sachs is keeping only 12 of its Sachs Off 5 outlets to clear out leftover stock from its main brands, signaling a leaner path forward as the restructuring picks up steam.