Luxury retail giant Saks Global has retained two advisory firms with experience handling store closings as part of its bankruptcy proceeding.
New York-based Saks Global — parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — tapped A&G Real Estate Partners as its real estate adviser and Great American Group as its store-closing consultant, according to bankruptcy court documents.
Saks Global filed for Chapter 11 bankruptcy protection in Houston this month, lining up $1.75 billion in financing to tide it over as it restructures. In court filings, Saks Global said it plans to evaluate and optimize its brick-and-mortar footprint. The company has already shut some stores and sold some land following the $2.7 billion acquisition of Neiman Marcus Group in December 2024.
CoStar News reached out to Saks Global for comment but didn’t immediately get a response.
A&G has been involved in some of the biggest retail bankruptcy cases in recent years, holding auctions for hundreds of store leases as companies closed locations and wound down their operations. It has worked for retailers such as Bed Bath & Beyond, Party City, Rite Aid, Joann and, most recently, American Signature Furniture.
A&G worked alongside liquidator Great American on Tuesday Morning’s Chapter 11 proceeding and the eventual closing of the entire chain. Great American’s experience also includes overseeing the liquidation of Payless ShoeSource, Gymboree and Crazy8 stores.
Great American is majority-owned by funds managed by Oaktree Capital Management.
In November, two months before its bankruptcy filing, Saks Global said it was shutting 10 of its Saks Off Fifth stores early this year. Back in November, the off-price chain had 79 stores.
Late Friday, Saks Global in a statement said it had been granted access to an initial tranche of roughly $500 million of the $1.75 billion in committed capital, “providing sufficient liquidity to support operations and transformation initiatives across the portfolio.”
That “funding will facilitate go-forward payments to brand partners and the acceleration of inventory flow,” Saks Global said.