By ANNE D’INNOCENZIO
NEW YORK (AP) — The parent company of Saks Fifth Avenue and Neiman Marcus is closing more department stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring.
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The closures come on top of the eight Saks Fifth Avenue stores and one Neiman Marcus store it said it would close last month. The stores targeted for the first round of closing are expected to remain open until the end of April.
With plans to close a total of 24 department stores by spring, that would leave the parent company with 13 Saks Fifth Avenue stores — including its flagship store on Manhattan’s Fifth Avenue — as well as 32 Neiman Marcus locations and Bergdorf Goodman in New York City.
Saks also said 500 brands have resumed shipping, releasing close to $1.3 billion in retail receipts. That accounts for more than 80% of the inventory the company expects to receive from February through April, with momentum expected to continue, the company said.
The parent company is also in talks or has reached repayment agreements with about 175 suppliers.
Saks Global has been shrinking its business since it filed for Chapter 11 bankruptcy in January. Last month, it said it will wind down 14 standalone Fifth Avenue Club personal styling suites, keeping three.
It also shuttered home goods retailer Horchow.com, a business that Neiman Marcus acquired in the late 1980s. As of Feb. 19, shoppers have been redirected to the home category on NeimanMarcus.com.
It’s also closing down all but 12 of its Saks Off Fifth locations The remaining outlets will serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
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