GCC News 24
Business
Politics
Tech
Society
Green
Sports
Entertainment
Translate image English Down Arrow
The MTA Speaks| Prayer times| Weather Update| Gold Price
Follow Us: Facebook Instagram YouTube twitter

Saks Global to Close 15 More Stores After Bankruptcy

Saks Global to Close 15 More Stores After Bankruptcy

Post by : Bianca Haleem

Luxury retail company Saks Global announced on Friday that it will close 15 additional stores as part of its ongoing efforts to reduce losses and stabilize its business after filing for bankruptcy earlier this year.

The company said the move is part of a broader restructuring plan focused on shutting down underperforming locations and concentrating resources on more profitable, high-end stores. Saks Global aims to strengthen its core luxury retail operations by prioritizing markets where demand remains strong.

According to the company, most of the store closures have already been finalized with this latest announcement. However, Saks Global said it is still in discussions with several landlords to finalize the exact number of stores that will remain open in the future.

The retailer has been facing weak sales and financial pressure, which led to missed vendor payments in the past year. As a result, several luxury brands stopped shipping products to Saks stores, creating inventory shortages that further affected sales.

By reducing its physical store footprint and focusing on stronger locations, Saks Global hopes to improve profitability and rebuild its retail operations in the competitive luxury fashion market.

March 7, 2026 11:27 a.m. 128
Global News World News Business Updates

More Trending News

Featured Stories

US Launches $20B Plan To Protect Gulf Shipping Amid Iran Tensions
March 7, 2026 1:18 p.m.
US launches a $20B maritime insurance plan to protect ships and ensure smooth oil, LNG, and goods supply through the Strait of Hormuz amid Iran tensions
Read More
Daniel Berger Leads Arnold Palmer Invitational by Five
March 7, 2026 1:03 p.m.
Daniel Berger fired a 4-under 68 to take a five-shot lead at the Arnold Palmer Invitational as tough Bay Hill conditions challenged the field
Read More
US to Deploy Merops Anti-Drone System Against Iranian Threat
March 7, 2026 12:58 p.m.
The U.S plans to deploy the Merops anti-drone system in the Middle East to counter Iranian drones strengthening defenses after lessons learned from Ukraine war
Read More
US Allows India to Buy Russian Oil for 30 Days Amid War
March 7, 2026 12:52 p.m.
The US has allowed India to continue buying Russian oil for 30 days as the Iran war disrupts global energy supply and pushes oil prices higher
Read More
Indian Model Bhavitha Mandava Becomes Chanel Ambassador
March 7, 2026 12:20 p.m.
Indian model Bhavitha Mandava makes history as the first Indian house ambassador of Chanel, marking a major milestone for Indian representation in global luxury
Read More
Drones Shot Down Over Erbil as Coalition Foils Air Attack
March 7, 2026 12:16 p.m.
Coalition forces intercepted four drones over Erbil in Iraq’s Kurdistan Region. Two more drones were also shot down near a vital facility in Basra
Read More
UAE President Visits Victims of Iranian Attacks in Hospital
March 7, 2026 11:42 a.m.
UAE President Sheikh Mohamed bin Zayed visited victims injured in recent Iranian attacks, praised medical teams, and assured residents that their safety remains
Read More
Saks Global to Close 15 More Stores After Bankruptcy
March 7, 2026 11:27 a.m.
Saks Global plans to shut 15 more stores after filing for bankruptcy earlier this year, aiming to cut losses and focus on profitable luxury locations
Read More
Pentagon Names Gavin Kliger as Chief Data Officer
March 7, 2026 11:11 a.m.
The Pentagon appoints Gavin Kliger as Chief Data Officer to lead AI projects. His past social media activity and the Pentagon’s AI dispute with Anthropic spark
Read More
Sponsored
Trending News
Iran Strikes UAE 167 Missiles 541 Drones Hit Dubai

Iran Strikes UAE 167 Missiles 541 Drones Hit Dubai

Iran launches large-scale missile and drone assault on UAE forcing airport shutdowns and triggering

March 2, 2026 11:49 a.m. 796
UAE Rejects Sudan Conflict Allegations at UN Human Rights Council

UAE Rejects Sudan Conflict Allegations at UN Human Rights Council

Emirati diplomat issues Right of Reply in Geneva dismissing accusations and urging accountability fo
Feb. 27, 2026 11:02 a.m. 389
NCM issues fog and low visibility warning in UAE

NCM issues fog and low visibility warning in UAE

National Centre of Meteorology warns of fog and reduced visibility in coastal and internal areas, ur
Feb. 23, 2026 10:46 a.m. 308
UAE expresses full solidarity with Kuwait over maritime rights

UAE expresses full solidarity with Kuwait over maritime rights

UAE expresses full solidarity with Kuwait and urges Iraq to resolve maritime concerns through intern
Feb. 23, 2026 9:59 a.m. 306
Dubai Parks to Offer Free Medical Tests During Ramadan

Dubai Parks to Offer Free Medical Tests During Ramadan

Free health screening buses will provide eye, blood pressure and glucose tests across major Dubai pa
Feb. 21, 2026 3:02 p.m. 262
T20 World Cup India Prepare to Crack Spin Test in Super Eight

T20 World Cup India Prepare to Crack Spin Test in Super Eight

Bowling coach Morne Morkel confident Indian batters will regain rhythm against spinners as Super Eig
Feb. 21, 2026 1:39 p.m. 247
Alcaraz Survives Six Match Points to Reach Qatar Final

Alcaraz Survives Six Match Points to Reach Qatar Final

World No.1 Carlos Alcaraz defeated defending champion Andrey Rublev in a tense semifinal, saving six
Feb. 21, 2026 1:09 p.m. 267
Green Roofs in Saudi Cities: Is Greening Possible in the Desert

Green Roofs in Saudi Cities: Is Greening Possible in the Desert

Amid mega projects, Saudi Arabia is emphasizing the adoption of green roofs as urban infrastructure

Feb. 21, 2026 12:47 p.m. 285