Saks Global to shutter 15 more stores as bankruptcy restructures its luxury lineup

Saks Global announced the closure of 15 additional stores (12 Saks Fifth Avenue and 3 Neiman Marcus) as it restructures under bankruptcy, reducing its count to 13 Saks Fifth Avenue and 32 Neiman Marcus locations while keeping the flagship Saks Fifth Avenue in New York City open; Bergdorf Goodman stores are unaffected. The company says inventory flow has improved with more than 500 brands resuming shipping and about $1.3 billion in retail receipts, and it previously won court approval for $1 billion in new financing to support the restructuring.