Saks Global, which owns Saks Fifth Avenue and Neiman Marcus, may file for bankruptcy after missing an interest payment. To raise cash, it's selling the Union Square land beneath the Neiman Marcus flagship, though the building itself is protected by a 99-year lease.
Saks might be heading to bankruptcy, and as part of its potential restructuring, is working on selling a coveted piece of land in Union Square. Saks Global, which is the parent company of Saks Fifth Avenue, acquired Neiman Marcus in 2024, and as part of its search for funding after missing an interest payment on its debt, it's decided to sell off a plot of land in Union Square where Neiman's flagship sits. To be clear, it's not selling the 200,000-square-foot Neiman Marcus building itself. That's been severed from the land, and they've entered into a 99-year lease for the building with Neiman. So don't worry, doesn't look like Neiman Marcus is going anywhere, at least not anytime soon, and that's great because it's basically the last high-end department store that we have, and it's an absolutely gorgeous store. Saks recently vacated its San Francisco flagship, so a Saks BK probably wouldn't have a huge impact on a Saks presence in San Francisco, but it could impact a Neiman presence, so I'll definitely keep an eye on it and follow me for more updates.
