Saks Fifth Avenue to close Chicago Mag Mile location

CHICAGO (WLS) -- The iconic Saks Fifth Avenue store on the Magnificent Mile is closing.

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It's one of twelve Saks stores closing around the country.

Parent company Saks Global says it's also closing three Neiman Marcus stores.

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Chicago's Neiman Marcus store on Michigan Avenue will stay open.

Saks Global is restructuring after it filed for bankruptcy in January.

The other Saks stores closing are located in Ohio, Maryland, California, Las Vegas, New York, North Carolina, Florida, Missouri and Virginia.

To review the updated policies for gift cards, returns or exchanges at closing stores, click here.