Jack Jacobs February 10, 2026 0
The parent company of Saks Fifth Avenue has announced that it will close the store at Stony Point Fashion Park in Richmond. (BizSense file photo)
Saks Fifth Avenue’s sole Richmond-area store is set to go dark amid the ongoing bankruptcy of the luxury retailer’s parent company.
Saks Global Enterprises announced Tuesday that it will permanently shutter the Saks location at Stony Point Fashion Park as part of a wave of store closings following its mid-January Chapter 11 bankruptcy filing.
The store at the South Richmond mall is one of eight Saks Fifth Avenue locations across several states scheduled to close alongside a Massachusetts location of Neiman Marcus, which is also a subsidiary of Saks Global Enterprises. It wasn’t immediately clear when the local Saks will close.
Saks is an anchor at Stony Point, where it operates in a roughly 84,000-square-foot building owned by a Saks affiliate that was also put into bankruptcy last month.
Local property records show that the Stony Point property is encumbered by at least some debt that may be affected by its Chapter 11 restructuring. The Richmond Saks building was used as collateral to help secure at least two lines of credit taken out by Saks last year – a $2.2 billion line from Citibank and a $1.8 billion line from Bank of America.
In both cases, the local property was part of multistate financing secured by mortgages and deeds of trusts on real estate inside and outside Virginia. The Stony Point property was most recently assessed by the city at $3 million.
The impending closing of Saks marks the loss of another anchor at the South Richmond mall, following the closing of Dick’s Sporting Goods in 2018.
This is a breaking news story that will be updated.Â
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About the Author: Jack Jacobs
Jack joined BizSense in 2020. He covers local government, retail, healthcare and higher education news. He previously reported for the Virginia Gazette and Tidewater Review after graduating from Christopher Newport University. Reach him at jack@richmondbizsense.com or 804-554-6545.
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