Saks Global Enterprises, the owner of Saks Fifth Avenue and Neiman Marcus, said it will close 15 more of its stores. The closures include the Saks Fifth Avenue at Tysons Galleria and in Chevy Chase, Maryland. Both stores will close at the end of May.
The company filed for Chapter 11 bankruptcy in January. It said the latest store closures are part of its “planned optimization across its store portfolio.”
“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,” Geoffroy van Raemdonck, Saks Global CEO said in a statement. “With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience as we focus on investing in the luxury experience, sharpening the differentiation of our coveted banners and fully leveraging our prime owned and other retail locations.”
Customers can no longer purchase new gift cards at the closing locations. However, the stores will honor existing gift cards for 15 days after the closing sale begins. The company’s full guidance on policies at the closing stores can be found here.
Saks Global says its non-closing store will still honor gift cards, SaksFirst, and InCircle credit cards, rewards, returns, and exchanges. These include Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores.
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