ATLANTA — The company behind Saks Fifth Avenue and Neiman Marcus announced on Wednesday that it is filing for bankruptcy.
The luxury stores are trying to solve money trouble and now have a new plan to keep the stores and their websites up and running.
We spoke with shoppers around the big Buckhead malls on Wednesday about their shopping habits.
“I definitely shop more online than I do in a department store because who has the time to walk into a store these days,” one woman said.
“You see me maybe twice a year in the mall and twice a day online shopping,” another man said.
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The company behind Saks, at Phipps Plaza, and then across the street, Neiman Marcus at Lenox Square, said stores are still open and serving customers while Saks Global seeks bankruptcy protection.
Channel 2’s Linda Stouffer dug deeper into the move by the company and learned that the deal means $1.5 billion in new financing.
So, what does that mean for shoppers? The company said it expects to “honor all customer programs” and keep paying workers.
The Saks Global website tells shoppers of “Off 5th” and all their brands, there are no changes to credit card programs and rewards. Gift cards will be accepted, and you can still make returns.
But with the court approval process starting on Wednesday, it’s a good idea to get any returns or gift cards sorted out now.
This is not a liquidation or a closure.
But, in this bankruptcy process, business experts said there will likely be extra scrutiny on places that have multiple stores.
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