Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has announced it will close the majority of its Saks Off 5th and Last Call off-price retail locations as part of bankruptcy proceedings. Of the 74 stores nationwide, only 12 will remain open, primarily serving as outlets for residual inventory rather than buying new merchandise.
Closures will begin immediately, with some stores starting markdown sales on Saturday and others expected to close as early as Monday. Customers can redeem gift cards in stores until 14 February, and existing store credit card rewards will be accepted until 1 March. The company expressed gratitude for customer loyalty in a news release.
The remaining 12 Saks Off 5th stores are located in New York, Florida, New Jersey, California, Texas and Georgia. SaksOff5th.com, a separate online entity, will begin winding down operations with clearance sales starting Friday.
Geoffroy van Raemdonck, Chief Executive Officer of Saks Global, said in a statement: 'As we advance on Saks Global's transformation, we are taking decisive steps to realign our business to better serve our luxury customers and drive full-price selling across our core luxury businesses.'
The decision comes two weeks after Saks Global filed for Chapter 11 bankruptcy protection, triggered in part by a missed $100 million interest payment related to its $2.65 billion acquisition of Neiman Marcus in 2024. Saks experienced rapid leadership turnover just before its bankruptcy, with longtime CEO Marc Metrick stepping down on 2 January and his replacement departing less than two weeks later.
Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman stores and their online sites remain open and operating as normal.
