1/2
Swipe or click to see more
STAR-ADVERTISER / 1998
The Neiman Marcus store is seen in 1998 when it opened as an anchor tenant at at Ala Moana Center.
2/2
Swipe or click to see more
STAR-ADVERTISER / JUNE 21, 2019
Mariposa restaurant on the third floor of Neiman Marcus at Ala Moana Center
Saks Global is closing the Neiman Marcus department store at Ala Moana Center as part of ongoing restructuring efforts, the luxury retailer said in a news release today.
The company, which filed for bankruptcy this year, said it was moving forward with its “strategic optimization” plan by closing three more Neiman Marcus outlets, including the Ala Moana anchor tenant, and 12 Saks Fifth Avenue locations. No closing date was announced but employees of the Honolulu store were informed it would be shuttered by the end of May.
Neiman Marcus opened as an anchor tenant at Ala Moana Center in September 1998 as part of an expansion, occupying three stories and 160,000 square feet of space. The outlet features the Mariposa restaurant on the third floor.
The news comes just a little over a month after the company closed its Saks Off 5th outlets at Ala Moana Center and Waikele Premium Outlets.
With the closure of the Saks Off 5th outlets and Neiman Marcus, Saks Global will no longer have a retail outlet in Hawaii.
In addition to Ala Moana’s Neiman Marcus, the company’s list of closures announced today includes a store in Canyon Park, Calif., and in White Plains, N.Y. Another 12 Saks Fifth Avenue stores also are closing across the U.S. — from Costa Mesa, Calif. to Chevy Chase, Md.
Don’t miss out on what’s happening!
Stay in touch with breaking news, as it happens, conveniently in your email inbox. It’s FREE!
“This strategic optimization is part of our ongoing transformation and rooted in our long-term view of our business,” Geoffroy van Raemdonck, CEO of Saks Global, said in the release. “Our go-forward store portfolio will comprise the best performing and most desirable locations in markets with the highest concentration of luxury customers, enabling us to deepen loyalty and drive sustainable growth.”
Saks Global filed for bankruptcy protection on Jan. 13 with $3.4 billion in debt, barely a year after a deal intended to create a luxury powerhouse brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof, Reuters news service reported.
In 2024, Neiman Marcus was bought by Canada’s Hudson’s Bay Co, which had owned Saks since 2013, and later spun off the U.S. luxury assets to create Saks Global. The $2.7 billion deal was built on about $2 billion in debt financing and equity contributions from investors.
In the closure announcement today, Saks Global executives said, “Customers may no longer purchase new gift cards at closing locations. Existing gift cards will continue to be accepted at any closing location for 15 days after the closing sale begins. After this period, gift cards will no longer be accepted at any closing location.” Returns and exchanges for merchandise purchased before the start of closing sales will be accepted in accordance with our usual policies, Saks officials said.
