Saks Global, the parent company of luxury retailers Saks Fifth Avenue and Neiman Marcus, announced plans to close 15 additional department stores as part of its ongoing Chapter 11 bankruptcy restructuring.

The store closures represent part of the company's strategy to reduce its physical footprint while focusing resources on its most profitable operations. According to the company's CEO, the smaller store network will allow Saks Global to concentrate more effectively on serving luxury shoppers.

The closures come as the retailer works to trim debt and streamline operations during its bankruptcy proceedings. The company is focusing on maintaining its most profitable business segments while shedding underperforming locations.

Saks Global filed for Chapter 11 bankruptcy protection as the luxury retail sector continues to face challenges from changing consumer shopping patterns and increased competition from online platforms. The restructuring process is designed to help the company emerge with a more sustainable business model.

The specific locations slated for closure and the timeline for the shutdowns were not immediately disclosed. The company has not indicated how many employees might be affected by the additional store closures.