The fate of stores operated by Saks Global, parent company of the Dallas-based Neiman Marcus luxury retail chain, is up in the air following its bankruptcy filing on January 13 in U.S. Bankruptcy Court in Houston.<\/p>\n
For the time being, all of the roughly 160 stores under the Saks Global umbrella, including Neiman Marcus\u2019 36 locations, will remain open. Seven of Neiman Marcus\u2019 stores are in Texas, including four in Dallas-Fort Worth.<\/p>\n
The more than $2 billion in debt that Saks Global amassed to acquire Neiman Marcus in 2024 helped push the company into bankruptcy court. According to The Wall Street Journal, Saks Global is the highest-profile department store chain to file for Chapter 11 bankruptcy<\/a> since the pandemic.<\/p>\n As part of its Chapter 11 bankruptcy case<\/a>, announced in a news release January 14, Saks Global has secured about $1.75 billion in financing to keep the company afloat and its stores open. A bankruptcy judge must approve the financing package.<\/p>\n In announcing the bankruptcy, Saks Global says it\u2019s evaluating its store lineup \u201cto invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where [our] luxury retail brands are best positioned for sustainable growth.\u201d<\/p>\n Chapter 11 bankruptcy allows a business to reorganize its finances and operations. For retailers, the process can include cost-cutting moves such as closing poorly performing stores.<\/p>\n Effectively immediately, Geoffroy van Raemdonck has taken over the CEO role at Saks Global \u2014 following the recent departures of CEO Marc Metrick and his short-time successor, Richard Baker. Van Raemdonck, who relocated in 2023 from Dallas to New York City, was CEO of Neiman Marcus before Saks Global bought it in 2024 for $2.7 billion.<\/p>\n \u201cThis is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,\u201d van Raemdonck says in a press release. \u201cI look forward to serving as CEO and continuing to transform the [company] so that Saks Global continues to play a central role in shaping the future of luxury retail.\u201d<\/p>\n The most notable DFW location of Neiman Marcus is the chain\u2019s 129,000-square-foot flagship store in downtown Dallas, which the retailer owns.<\/p>\n Saks Global said last February that it would close the iconic store<\/a>, which debuted in 1914, on March 31, 2025. But days before the scheduled closure, Saks reversed course and decided to keep the store open<\/a> \u2014 at least temporarily rescuing two of the flagship\u2019s signature features, the upscale Zodiac Room restaurant and the elegant Bridal Salon.<\/p>\n Here\u2019s a list of Neiman Marcus\u2019 seven locations in Texas:<\/p>\n