Saks Global to shutter majority of its off-price retail locations amid bankruptcy proceedings
Saks Global secured $1.75 billion in financing to restructure and will close 57 Saks Off 5th stores and all Last Call outlets as part of a strategic shift to focus on luxury full-price retail.
- Saks Global will close most of its off-price operations, including many Saks OFF 5TH stores and all Neiman Marcus Last Call locations, amid bankruptcy proceedings, as reported by Reuters.
- The off-price division is expected to lose $139 million in fiscal year 2025, according to court filings cited in the report.
- Geoffroy van Raemdonck, Saks Global CEO, indicated that the company will stop purchasing items for the off-price division to focus on luxury operations.
- Experts noted that many brands halted shipments due to Saks Global's financial issues, indicating bankruptcy was becoming inevitable.
76 Articles
76 Articles
Saks Off 5th stores to close at Waikele, Ala Moana | Honolulu Star-Advertiser
Saks Global will be closing two Saks Off 5th stores in Hawaii as part of a strategic decision to close the majority of its Off 5th retail locations and remaining Last Call Stores nationwide.
Saks Global to Close Nearly 60 Off 5th Stores Amid Chapter 11
Saks Global is ending its discounted designer clothing, shoes, and accessories. In a Jan. 29 company statement, the retailer said it plans to close most of its 70 Saks Off 5th locations and its five remaining Last Call stores. The New York City-based luxury retailer said closing sales will begin at some locations on Jan. 31 and at others on Feb. 2. The store-closure announcement comes on the heels of its restructuring plans after filing for Chap…
Saks Off 5th Launches Final Liquidation as Two Las Vegas Stores Prepare to Close
Saks Off 5th has begun final liquidation sales at its two Las Vegas locations following a Chapter 11 bankruptcy filing by its parent company, Saks Global. The discount luxury retailer confirmed that the stores at Town Square and Las Vegas North Premium Outlets are among 57 Saks Off 5th locations closing nationwide. The closures are part of a broader restructuring effort by Saks Global, which plans to concentrate future operations on its full-pri…
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