Luxury retailer Saks is consolidating its Greenwich footprint, but says it is not leaving the market.
Saks Fifth Avenue plans to close two of its three standalone stores in Greenwich while maintaining a presence in the town, saying the move is unrelated to the company’s Chapter 11 bankruptcy proceedings.
Parent company Saks Global said its standalone men’s store at 200 Greenwich Ave. will relocate Saturday to a Neiman Marcus store at The Westchester mall in White Plains, New York. Its women’s shoes store at 20 Elm St. will move in June into the company’s 35,000-square-foot main women’s store at 205 Greenwich Ave.
“This planned consolidation, unrelated to the company’s chapter 11 process, is intended to centralize our Greenwich offering under one roof,” a Saks spokesperson said. “This is a planned strategic consolidation, not a broader market exit.”
Saks Global in mid-January filed for Chapter 11 bankruptcy protection and announced it secured $1.5 billion in financing from an ad hoc group of senior secured bondholders, along with about $240 million in additional liquidity from asset-based lenders.
In early February, the company closed 57 of 69 Saks Off 5th stores nationwide as part of its bankruptcy restructuring, including locations in Stamford and Clinton.
