Saks Fifth Avenue to close Beachwood Place store

The parent company of Saks Fifth Avenue and Neiman Marcus is closing more stores as it focuses on its most profitable businesses and trims debt during its Chapter 11 bankruptcy restructuring. Saks Global Inc. said Friday it will close 12 more Saks Fifth Avenue stores and three more Neiman Marcus stores. The stores will remain open until the end of May, a company spokesperson said. Among the list of stores closing will be the Saks Fifth Avenue at Beachwood Place in Beachwood. The closures come on top of the eight Saks Fifth Avenue stores and one Neiman Marcus store it said it would close last month. The stores targeted for the first round of closing are expected to remain open until the end of April. The company also said in January that it will close all but 12 of its Saks OFF 5th locations nationwide — a total of 57 locations. With plans to close a total of 24 department stores by spring, that would leave the parent company with 13 Saks Fifth Avenue stores — including its flagship store on Manhattan’s Fifth Avenue — as well as 32 Neiman Marcus locations and Bergdorf Goodman in New York City. Saks also said 500 brands have resumed shipping, releasing close to $1.3 billion in retail receipts. That accounts for more than 80% of the inventory the company expects to receive from February through April, with momentum expected to continue, the company said. Read: https://www.wkyc.com/article/money/business/saks-fifth-avenue-beachwood-place-location-closing-neiman-marcus/95-ef859c4a-833c-479d-b51a-9fc5eb4ecf70