Shengmao Global announces closure of some stores to optimize strategic layout

LootboxPhobia · 2026-02-13T22:49:20+00:00

Shengmao Global Enterprise Co., Ltd. announced the closure of eight Saks Fifth Avenue stores and one Neiman Marcus store to optimize store layout and focus on more profitable locations. At the same time, most standalone Fifth Avenue Club services will be integrated into Neiman Marcus, and starting February 19, the Horchow brand will be transferred to the Neiman Marcus online platform. Despite these adjustments, other stores will continue to operate normally.

LootboxPhobia

2026-02-13 22:49:20

Abstract generation in progress

Investing.com – Saks Global Enterprises LLC announced a strategic optimization plan on Tuesday, including the closure of eight Saks Fifth Avenue stores and one Neiman Marcus store.

According to CEO Geoffroy van Raemdonck, the luxury retail company is adjusting its store footprint, focusing on profitable stores with the highest growth potential. This decision is based on various factors, including performance and leasing economics.

“We are taking a series of actions to strengthen Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman as ultimate luxury destinations, offering seamless omnichannel shopping experiences,” van Raemdonck said.

The company also announced it will close most standalone Fifth Avenue Club personal styling suites, retaining only three locations in markets with growth opportunities. Originally created for customers in areas without physical Saks Fifth Avenue stores, the service will now serve many of these markets through Neiman Marcus stores following the acquisition of the Neiman Marcus Group in 2024.

Additionally, Saks Global will transfer the Horchow brand to Neiman Marcus’s online platform starting February 19. Customers will be directed to the home category on NeimanMarcus.com, where they can find the same products previously offered on Horchow.com.

The company stated that, aside from the stores set to close through clearance sales, all Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores and e-commerce platforms will continue normal operations. There will be no changes to Bergdorf Goodman’s operational layout.

Saks Global emphasized that the company remains committed to serving customers in markets without physical stores through online and remote sales services.

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