Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, will close dozens of its Saks Off 5th and Last Call locations as the company maneuvers bankruptcy proceedings, it announced Thursday.
Of the 74 off-price locations, just 12 Off 5th stores will remain open. However, those stores will primarily sell residual inventory from the department stores and not purchase merchandise directly for selling, the company said in a news release.
Customers can redeem gift cards through Feb. 14, and stores will accept exchanges and returns for items bought before Saturday. Shoppers can redeem existing rewards from their store credit cards until March 1.
Meanwhile, markdowns at some of the closing stores will begin Saturday, while others are set to shutter Monday. The website saksoff5th.com — a separate entity from the brick-and-mortar stores — is also winding down operations, with sales starting Friday.
The move will better position the company for “long-term growth and value creation,” Saks Global chief executive Geoffroy van Raemdonck said in the release. The decision also speaks to the company’s plans to “realign our business to better serve our luxury customers and drive full-price selling across our core luxury businesses,” he added.
The announcement comes two weeks after Saks Global filed for Chapter 11 bankruptcy protection. The department store conglomerate missed a $100 million interest payment on Dec. 30, which was connected to its $2.65 billion acquisition of Neiman Marcus in 2024.
In the days leading up to bankruptcy, Saks had several changeovers in leadership. Chief executive Marc Metrick — who had spent three decades at the company — stepped down on Jan. 2, and his successor, Executive Chairman Richard Baker, left the role less than two weeks later.
The remaining 12 Saks Off 5th stores are in New York, Florida, New Jersey, California, Texas and Georgia. The company released a list of stores closing on its website.
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