Saks Global said on 6 March it will close 15 more department stores in the United States as part of a restructuring effort following its Chapter 11 bankruptcy filing earlier this year, a move aimed at concentrating the luxury retailer’s operations on its most profitable locations.

The group confirmed it will shut 12 Saks Fifth Avenue sites and three Neiman Marcus stores as it accelerates plans to streamline its physical footprint, according to company statements reported by PRNewswire and retail trade outlets. The closures follow an earlier round in February that eliminated eight Saks Fifth Avenue locations and one Neiman Marcus store.

The retailer said the latest measures form part of a broader review designed to retain stores in markets with the highest concentration of luxury shoppers. Bergdorf Goodman, another brand within the group, will not be affected by the restructuring and will continue operating its existing locations.

Geoffroy van Raemdonck, chief executive of Saks Global, said the company was narrowing its estate to support long-term profitability. “This strategic optimisation is part of our ongoing transformation and rooted in our long-term view of our business,” he said.

Van Raemdonck added that the retailer intends to maintain both Saks Fifth Avenue and Neiman Marcus stores in major luxury destinations while consolidating to a single banner in smaller markets. “With a refined footprint, we are creating a stronger platform for our brand partners and an even more compelling customer experience,” he said.

The restructuring follows Saks Global’s Chapter 11 bankruptcy filing in January, reported by Retail Gazette, roughly a year after the company acquired Neiman Marcus and Bergdorf Goodman. The process has included negotiations with creditors and brand partners concerned about payments for merchandise shipped before the filing.

A US bankruptcy judge approved about $1.75 billion in financing for the group in February, including refinancing of existing debt and expanded borrowing under an asset-based lending facility. The funding was intended to stabilise vendor relationships and provide liquidity while the retailer renegotiates obligations.

Saks Global said its financial position has improved since securing access to roughly $825 million of the committed capital. The company reported that more than 500 brands have resumed shipments, releasing nearly $1.3 billion in retail inventory receipts between February and April.

Management said discussions with landlords are continuing as the group finalises the structure of its future store network.

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