Neiman Marcus news and archive

Saks Global to close 15 more stores as it nears end of footprint optimisation efforts

Saks Global has confirmed a further 15 store closures as it continues to enact a restructuring plan associated with ongoing bankruptcy proceedings. The luxury retail group is due to close 12 additional Saks Fifth Avenue stores and three Neiman Marcus locations. This latest round of closures follows a first phase initiated in February, when eight...

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Saks Global announces store footprint optimisation for profitable growth

Saks Global, the luxury retail entity formed through the acquisition of Neiman Marcus Group, has announced a strategic optimisation of its store footprint and service model to drive profitable growth. Store optimisation to drive growth The first phase of this transformation includes the closure of eight Saks Fifth Avenue locations and one Neiman...

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Saks files for bankruptcy protection, Geoffroy van Raemdonck appointed CEO

Saks Global has officially succumbed to bankruptcy. The US luxury retail group has commenced voluntary chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas. The company, which owns Saks Fifth Avenue, Saks Off 5th, Bergdorf Goodman and Neiman Marcus, has said its stores will remain open for now. The filing intends...

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Saks Global shuffles leadership team as slew of execs exit

Luxury retail group Saks Global has initiated a reorganisation of its management in a bid to cut costs, with a slew of top executives due to step down from the firm. According to WWD, which initially reported the news, the reshuffle will see chief executive officer, Marc Metrick, become more directly involved with brand partners. The media...

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Saks Global introduces new incentives for top sellers

Luxury retail group Saks Global is set to debut a new incentives programme for its top sellers at both its Saks Fifth Avenue and Neiman Marcus locations. The ‘Seller Success Track Programme’ is described by the retailer as a “reimagined approach” to empowering its most impactful selling associates, supporting their "individual businesses”. First...

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Saks Global's Q2 performance impacted by inventory issues

According to WWD, Saks Global reported a decline in both revenue and profit for the second quarter, weighed down by persistent inventory challenges and higher operating costs. For the quarter ended August 2, revenue dropped 11.1 percent to 1.6 billion dollars, while gross merchandise value slipped to 2 billion dollars. The company's net loss...

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Saks cuts 90 jobs amid latest cost-cutting efforts

Luxury department store Saks is reported to have slashed 90 jobs among its workforce, building on wider cost-cutting efforts already underway at the retailer. According to WWD, which cited an internal memo received via an anonymous source, individuals within Saks’ commercial organisation were largely among those impacted, including the...

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Saks Global feels the pinch: reports Q1 top- and bottom-line declines

Akin to others in its sector, Saks Global is starting to see the impact of the currently challenging luxury environment reflected in its financials. For the first quarter of the year, the luxury retail group reported widening losses and lowered revenue as issues with inventory flow took precedence. According to the company’s financial report,...

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Saks Global outlines ‘data-driven’ strategy for menswear at Pitti Uomo

Saks Global has outlined a new “data-driven” strategy for its menswear offering. The luxury retail group, formed of Saks Fifth Avenue and Neiman Marcus, among other department stores, revealed its intention to tap into identified growth opportunities at the ongoing Pitti Uomo 108 in Florence, Italy. Much of this centres around zoning in on...

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Saks Global secures 350 million dollars in financing commitments

Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release. Anticipated the close on or before...

Retail|In Pictures

In Pictures: Jacquemus opens bowling-inspired space in Neiman Marcus Dallas

Jacquemus has pinned down a new space in Neiman Marcus. The French luxury brand has opened a bowling-inspired installation at the US department store’s Dallas NorthPark location. Until April 2, shoppers can interact within the exclusive experience, which features a branded operational bowling alley. The space references the brand’s bowling bag,...

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Saks Global confirms Neiman Marcus Downtown Dallas Store closure

Saks Global, which acquired Neiman Marcus in 2024, has confirmed the impending closure of its store in downtown Dallas, Texas. The company has been unable to reach an agreement with the leasing landlord and the city regarding the store's location. In a statement published on February 27, Saks Global reiterated its aim to shut down its Neiman...