Westchester Mall anchor store to close
Amid debt and corporate woes, Neiman Marcus in White Plains will shutter.
By Deborah Skolnik
It’s no secret that Saks Global, whose umbrella encompasses Bergdorf Goodman, Neiman Marcus, and Saks, has faced financial challenges of late. And now, those setbacks will soon hit home: Costar.com, a leading provider of commercial real estate news, reports that Neiman Marcus at the Westchester Mall is among 15 stores slated to be shut down.
Including some closures that Saks Global announced in February, a total of 20 Saks Fifth Avenues and four Neiman Marcuses will soon serve their last shoppers. In addition, all but a handful of Saks Off 5th stores, including the one on Tarrytown Road in White Plains, have folded. No Bergdorf Goodman stores have been slated to cease operations.
Costar.com cites the parent company’s financial straits as the primary reason behind the closure. Saks Global filed for bankruptcy in January, a result of its $2.7 billion purchase of the Neiman Marcus Group. As money became tight, Saks Global began to pay vendors late or skipped payments altogether, creating a vicious cycle in which a large number of vendors withheld shipments.
As part of its Chapter 11 negotiations, Saks Global has promised to downsize—a decision that means Scarsdalians will have to go elsewhere for Chanel Bags and designer shoes. Sources report the closure could happen as early as May. It remains to see what retailer, if any, will fill the behemoth space.
For a complete list of Saks Fifth Avenue and Neiman Marcus stores scheduled to close, visit Costar.com
