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Saks Fifth Avenue to Close Chicago Magnificent Mile Store
Chicago’s Saks Fifth Avenue store on the Magnificent Mile at 700 N Michigan Avenue is closing.
The move to shutter the location comes amid the retailer’s closure of 12 stores nationwide. Saks Global, the owner of luxury retail chains Saks Fifth Avenue and Neiman Marcus, filed for Chapter 11 bankruptcy protection in January and secured final approval last month for a $1 billion bankruptcy loan.
Saks Global is also cutting over 1,200 jobs as it shutters more than a dozen locations nationwide following its bankruptcy filing earlier this year. The company plans to close 15 locations, including 12 Saks Fifth Avenue stores and three Neiman Marcus branches. The closures and layoffs are part of Saks Global’s bankruptcy restructuring.
Other Saks locations slated to close stores are located in Ohio, Maryland, California, Las Vegas, New York, North Carolina, Florida, Missouri, and Virginia. Chicago’s Neiman Marcus store on Michigan Avenue will remain open.
