Saks Global Enterprises said it’s closing more than 10% of its full-price stores across the US as part of its efforts to emerge from bankruptcy as a smaller and more profitable department-store operator.
Eight Saks Fifth Avenue stores are closing, including those in Philadelphia and Phoenix. The Neiman Marcus store at Copley Place in Boston is also shuttering, the company said Tuesday.
Those stores have been targeted because most of them are unprofitable and in smaller markets with less potential for sales growth, the company added. Also, four of the stores that are closing are in markets that already have ...