Saks Global Advances Store Portfolio Optimization to Solidify Position as the Premier Luxury Destination and Drive Sustainable Growth

Saks Fifth Avenue and Neiman Marcus go-forward store footprint to include best-performing and most desirable locations in markets with a high concentration of luxury customers

Inventory flow has accelerated significantly as more than 500 brands resume shipping, releasing close to $1.3 billion in retail receipts, with momentum expected to continue

NEW YORK, March 6, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), the leading multi-brand luxury retailer, is advancing its planned optimization across its store portfolio by announcing the closure of an additional 12 Saks Fifth Avenue and 3 Neiman Marcus locations. This builds on initial closures announced last month and enables Saks Global to sharpen its focus on the Company's distinctive capabilities and competitive advantages as it invests in opportunities to serve luxury customers, drive stronger full-price selling and enhance brand equity for its partners.

"This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business," said Geoffroy van Raemdonck, Chief Executive Officer of Saks Global. "Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth. 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."

While select markets will be streamlined to include either a Saks Fifth Avenue or Neiman Marcus store based on unique considerations for each location, including performance and customer preference, the Company will continue to operate both banners in leading luxury destinations that represent a significant growth opportunity. By further differentiating its retail banners through distinct assortments and experiences, the Company will honor the heritage of each brand while positioning itself to lead multiple segments of the luxury market over the long-term.

With today's announced closures, Saks Global has largely completed the optimization of its footprint but continues to engage with landlords as it works to make final decisions on its go-forward network of stores. There are no changes to the Bergdorf Goodman operational footprint.

"We recognize the impact these strategic decisions have on our colleagues and are deeply grateful for their contributions. We are supporting the impacted teams as much as we can through this transition and will provide transfer opportunities where available," van Raemdonck said.

Through continued investment in elevated experiences, activations and curated assortments, the Company will equip its expert sellers, who are a defining competitive advantage, to enhance and expand their customer relationships. Saks Global remains committed to serving customers in markets without a physical presence through its ecommerce experiences and remote selling services to deliver the luxury assortments and service they expect no matter how they choose to engage. With the exception of the closing locations, the Company's stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman are operating as usual.

With access to approximately $825 million of $1.75 billion in committed capital, Saks Global has improved its liquidity position, enabling it to fund new orders with brand partners. Coupled with renewed discipline and focus on luxury customers as well as full-price selling, this has strengthened dialogue with brand partners and reinforced their confidence in the Company's strategic direction. These efforts have led to a significant acceleration of inventory flow, with shipping resumed by more than 500 brands releasing close to $1.3 billion in retail receipts. This accounts for over 80% of the inventory the Company expects to receive from February through April, with momentum expected to continue. The Company has reached or nearly reached agreements with more than 175 brands across all categories, including large maisons as well as smaller brands, and is committed to having equally productive discussions with more brand partners.

About Saks Global
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks OFF 5TH. Powered by our talented colleagues, we are redefining luxury shopping by offering each customer a personalized experience across our store network and e-commerce platforms. Through strong partnerships with the world's most esteemed brands, cutting-edge technology and the industry's most comprehensive luxury customer data, Saks Global is shaping the future of retail.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

SOURCE Saks Global