The Neiman Marcus Chicago is staying open, and far more Neiman locations are staying open nationwide. I imagine there are many factors, aside from sales volume, that enter into the decision to close specific locations. It will be interesting to watch how they position the Saks vs Neiman/Bergdorf brands going forward. At some point their gift cards may become interchangeable.
My underlining
Or at some point they may reach the opinion that the carried forward liability of the GCs isn't worth it and declare them just another unsecured debt.
Here's one example of such an event with a happy ending.(read the article)
Gift cards sold at Costco at risk after issuer declares sudden bankruptcy