The Neiman Marcus store at 9700 Wilshire Blvd. will remain open. (photo by Tabor Brewster)

Saks Global Holdings LLC, the holding company that owns luxury clothing stores Saks Fifth Avenue and Neiman Marcus, recently sold the site currently occupied by the Neiman Marcus store at 9700 Wilshire Blvd. in Beverly Hills. The land was purchased by Ashkenazy Acquisition Corp., a private real estate firm.

“We made the strategic decision to sell the land beneath the Neiman Marcus Beverly Hills store and enter into a long-term lease with the new owner,” a Saks Global spokesperson said in a statement. “This opportunistic real estate transaction does not impact our day-to-day operations. We remain committed to serving our loyal Beverly Hills customers.”

Ashkenazy Acquisition Corp. did not respond to a request for comment.

The sale, made for an undisclosed amount, only included the land underneath the Neiman Marcus store, and not the building itself. The store will remain operational.

According to Bloomberg, Saks Global is facing financial uncertainty as it reportedly missed a $100 million interest payment on Dec. 30, and is considering filing for bankruptcy.

Saks Global acquired Neiman Marcus in July 2025 for $2.6 billion, bringing the two luxury names under one parent company. Saks Fifth Avenue, which currently has a department store a few blocks from the Neiman Marcus store at 9570 Wilshire Blvd., will soon undergo a transformative redesign.

The 494,000-square-foot development approved by the Planning Commission in August will include four entirely new buildings – two primarily commercial and two primarily residential – and the rehabilitation of the historic Saks Women’s building at 9600 Wilshire Blvd.

The buildings would contain new retail space, residential units, offices, a social club, boutique hotel, spa and restaurant. The development would also include an underground parking lot with 744 spaces. Additionally, the project would transform the end of Peck Drive into a cobblestone street with an adjacent public terrace.

“For 157 years, Saks Fifth Avenue has been one of the premiere luxury retailers in the United States. For over half that time – nearly 90 years – we’ve called Beverly Hills home. These buildings are not just stores to us. They are our West Coast flagships,” said Douglas Adams, senior vice president at Streetworks Development, which is managing the development process.