It is unclear what is in store for the Saks Fifth Avenue and Neiman Marcus locations in Beverly Hills. (photo by Tabor Brewster)

Saks Global on Jan. 14 filed for chapter 11 bankruptcy, following years of debt accumulation and declining sales. 

As the holding company that owns Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus seeks financial relief, it is unclear what is in store for the future of the prominent Saks Fifth Avenue and Neiman Marcus locations on Wilshire Boulevard in Beverly Hills. There has been no word from Saks Global on potential closures, though they are expected, according to the New York Times. 

When asked for a comment on the Beverly Hills location, a Saks Global spokesperson referred to a press release. 

“As part of the chapter 11 process, the company is evaluating its operational footprint to invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where the company’s luxury retail brands are best positioned for sustainable growth,” the press release read. “Saks Global is seeking relief through a number of customary ‘first day’ motions with the court to facilitate a smooth transition into chapter 11 and operate in the ordinary course. These motions, which Saks Global expects to be approved in short order, include requests to honor all customer programs, make go-forward payments to vendors and continue employee payroll and benefits.” 

In August, the Beverly Hills Planning Commission approved a sweeping development project at the Saks location at 9570 Wilshire Blvd. 

The 494,000-square-foot development includes 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. 

It is unclear if the bankruptcy will impact the plans for redevelopment. The project is expected to be considered by the City Council at a date not yet determined. 

Additionally, Saks Global 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. 

Saks Global entered into a long-term lease with the new owner, aiming to maintain day-to-day operations. 

The Neiman Marcus store in Beverly Hills is located at 9700 Wilshire Blvd.