Tysons Galleria will soon lose another longstanding tenant.
The mall is home to one of 12 Saks Fifth Avenue stores now slated to permanently shutter as part of the fashion retailer’s ongoing bankruptcy restructuring. The list also includes a location at The Collection in Chevy Chase.
Three Neiman Marcus stores are also among the upcoming closures announced today (Friday) by parent company Saks Global, though none of those are in the D.C. area.
The targeted stores, including the one at Tysons Galleria, will remain open until the end of May, a Saks Global spokesperson says.
“As part of the planned optimization of Saks Global’s operational footprint, we have made the decision to close select Saks Fifth Avenue and Neiman Marcus locations … based on a number of factors, including performance and customer preference,” the spokesperson said in a statement to FFXnow. “With these closures, we are sharpening our focus on Saks Global’s distinctive capabilities and competitive advantages as we invest in opportunities to serve luxury customers, drive stronger full-price selling and enhance brand equity for our partners.”
Saks Global filed for Chapter 11 bankruptcy in the Southern District of Texas on Jan. 13.
While the decision to close Saks Fifth Avenue in Tysons appears to have been made after the filing, it was foreshadowed by a letter sent to the Fairfax County Department of Planning and Development last August that sought details about the zoning for “the former Saks 5th Ave” at 2051 International Drive.
When asked about the letter in November, Saks representatives told FFXnow there were no plans to close or relocate the store, stating that the letter was “specific to a potential lender’s due diligence and has nothing whatsoever to do with any closure/sale.”
Saks Fifth Avenue was among the original anchor stores at Tysons Galleria when the mall opened in 1988, along with Neiman Marcus, which can still be found there, and Macy’s, which closed in 2019. Its impending closure comes on the heels of the Cheesecake Factory and Maggiano’s both departing for the larger Tysons Corner Center.
Mall owner Brookfield Properties, which has made progress on repopulating its third-floor food hall, didn’t immediately respond to a request for comment on its plans for the approximately 41,399-square-foot storefront currently occupied by Saks Fifth Avenue.
The newly announced 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.
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.
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.
The parent company is also in talks or has reached repayment agreements with about 175 suppliers.
Saks Global has been shrinking its business since filing for Chapter 11 bankruptcy. Last month, it said it will wind down 14 standalone Fifth Avenue Club personal styling suites, keeping three.
It also shuttered home goods retailer Horchow.com, a business that Neiman Marcus acquired in the late 1980s. As of Feb. 19, shoppers have been redirected to the home category on NeimanMarcus.com.
It’s also closing down all but 12 of its Saks Off Fifth locations. The remaining outlets will serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
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