Saks indicates it’s almost done closing stores

Struggling Saks Global announced the closure of a dozen more Saks Fifth Avenue stores Friday, as well as three Neiman Marcus locations. The move comes a month after the retailer closed eight Saks and one Neiman store. Saks filed for Chapter 11 bankruptcy in January with $3.4 billion in debt a little more than a year after its $2.7 billion merger with Neiman Marcus Group. The New York City-based luxury retailer says it will continue to operate stores in “best-performing and most desirable locations” that have a high concentration of luxury customers. Saks says it has almost completed the “optimization” of its footprint but continues to engage with landlords.