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Saks Global Shuts 15 More Stores in Bankruptcy Move
7 Mar
Summary
- Saks Global is closing 15 additional stores.
- The luxury retailer filed for bankruptcy earlier this year.
- Closures aim to cut losses and focus on profitable locations.
Saks Global announced on Friday, March 6, that it will be closing an additional 15 stores. This decision is part of the luxury retailer's strategic efforts to mitigate losses and refocus on its more profitable, higher-end locations.
The company's bankruptcy filing earlier this year precipitated these extensive closure plans. While the announcement marks the near-completion of shutting down underperforming stores, Saks Global is still in negotiations with landlords to finalize its total store count.
Previous financial difficulties, including weak sales, led to the company defaulting on vendor payments. Consequently, brands ceased shipping products to Saks Global last year, further impacting its inventory and operations.
