Saks Global is closing 12 Saks Fifth Avenue and three Neiman Marcus locations by May after filing for Chapter 11 bankruptcy in January.Luxury retailers will focus on high-performing markets as Geoffroy van Raemdonck announced the closure of dozens of Saks Off 5th locations.The restructuring follows a period of financial distress involving missed payments to vendors in France like LVMH after the company acquired Neiman Marcus.Consumer protection agencies and the US Bankruptcy Court provide avenues for refunds if a retailer closes permanently.