Saks Fifth Avenue is one of our favorite online stores, but it's been experiencing major economic woes.
In November, the luxury retailer reported “widespread weakness” with a net loss of $42.8 million. Today, the luxury retailer announced it will be closing shop on all but two of its bridal salons. The two bridal salons left standing will be the New York flagship and the Beverly Hills store. All other locations are set to close sometime next year. Saks will start marking down its bridal collections — which includes designs from the likes of Carolina Herrera, Jenny Packham, Monique Lhuillier , and Oscar de la Renta — in January — future brides take note!
On the flip side, Neiman Marcus reported a $12.9 million profit this quarter. Both retailers seem similar so we wonder why one's doing much better than the other. Care to enlighten us?