Saks Global announced March 6 that it will be closing 15 more stores, including a historic Chicago location, following its January bankruptcy filing.
Here’s what we know about local closures.
Which Saks stores are closing?
According to the March 6 release, Saks Global will be closing its only Saks Fifth Avenue store in Illinois, located at 700 N. Michigan Avenue in Chicago.
The following Saks Fifth Avenue and Neiman Marcus stores are also set to close:
Why are Saks stores closing?
The recent announcement comes just weeks after Saks Global announced the widespread closure of Saks Off Fifth and Neiman Marcus stores in February.
At the time, the company described the closures as an operational “wind down” that was the result of “sharpening its focus on luxury retail and full-price selling across its iconic portfolio.”
In the March 6 release, Saks Global CEO Geoffroy van Raemdonck said, “This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business.”
According to the company, it has largely completed its process of shutting down underperforming stores; however, it is still working with landlords to determine which other locations could be closed in the future.
This article originally appeared on Journal Star: Illinois’ last Saks Fifth Avenue store is closing in Chicago
Reporting by Hannah Hudnall and Fernando Cervantes Jr., Peoria Journal Star / Journal Star
USA TODAY Network via Reuters Connect
