A big-name luxury retailer is preparing to close more stores across the country, and two locations in New York are on the list.
The company behind Saks Fifth Avenue and Neiman Marcus says it plans to shut down 15 stores nationwide as part of a major restructuring effort after filing for bankruptcy earlier this year.
Saks Global Files for Bankruptcy
Back in January, Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, filed for bankruptcy protection in Texas. The filing was part of a plan to reorganize the company and restructure what it called unsustainable debt.
As part of that process, the company also warned that some underperforming stores could close while it focuses on stores with stronger sales and has the most long-term growth potential.
Luxury Department Stores Closing Across the Country
In a recent press release, Saks Global confirmed it plans to close 15 additional stores, including 12 Saks Fifth Avenue locations and three Neiman Marcus stores across 13 states…