Feb 10 (Reuters) – Saks Global said on Tuesday it is closing nine more stores as the high-end department store conglomerate looks to focus on more profitable locations.
The luxury retailer said it is closing eight Saks Fifth Avenue locations and one Neiman Marcus location as well as a majority of its standalone Fifth Avenue Club personal styling suites.
Additionally, the company said it was also planning to transition its home decor shop, Horchow, to Neiman Marcus’ online website starting February 19.
Saks will ask a U.S. bankruptcy judge to approve the nine store closings at a Friday court hearing, the company said in a court document filed on Tuesday.
Saks filed for bankruptcy protection last month in one of the largest retail collapses since COVID, barely a year after a deal intended to create a luxury powerhouse brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
In late January, the company said it would close most of its Saks OFF Fifth retail locations and remaining Neiman Marcus Last Call stores, to focus on luxury retail and full-price sales.
(Reporting by Koyena Das in Bengaluru; Editing by Krishna Chandra Eluri)
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