Luxury retailer Saks Global is closing its Saks Fifth Avenue store in Palm Desert as part of a brand restructuring.

The store located at 73-555 El Paseo is one of several Saks Fifth Avenue and Neiman Marcus locations being closed nationwide. The company filed for bankruptcy and hired a new CEO in January.

The latest shuttering comes just weeks after the company announced it would be closing its discount stores. The Coachella Valley stores that were impacted included Saks OFF 5TH stores located off Highway 111 in Palm Desert and at the Desert Hills Premium Outlets in Cabazon, as well as a Neiman Marcus Last Call also at the Cabazon outlet mall.

"These actions are designed to advance Saks Global's transformation with a focus on serving luxury customers, strengthening brand partner relationships and driving full-price selling to enable profitable and sustainable growth," according to a company statement.

Company officials said existing gift cards will continue to be accepted at any closing location for 15 days after the closing sale begins. After this period, gift cards will no longer be accepted at any closing location.

In a March 6 news release, Saks Global said it was closing 12 Saks Fifth Avenue stores and three Neiman Marcus locations in 13 states. Other California closures include a Saks in Costa Mesa and a Neiman Marcus in Canoga Park.

Although only two months in, 2026 has been a tough year for Saks Global.

Back on Jan. 14, the company announced that it had filed for bankruptcy, changed leadership (again) and secured a $1.75 billion financing package that will “strengthen the company's balance sheet and position it for a strong and stable future.”

Saks Global said in February that the company is “refining the Saks Fifth Avenue and Neiman Marcus store footprint to focus on profitable locations with the highest growth potential.” The business attributed the closures to factors such as performance and “lease economics.”

USA TODAY contributed to this report.

Desert Sun reporter Ema Sasic contributed to this article.

This article originally appeared on Palm Springs Desert Sun: Saks Fifth Avenue stores in Palm Desert, Costa Mesa, Canoga Park close