As part of its Chapter 11 restructuring, Saks Global Enterprises has decided to wind down the majority of its off-price business — closing all five Last Call stores, as well as the majority of Saks Off 5th locations (57 in total) — as it looks for ways to drive “sustainable, profitable growth” post-bankruptcy.
The Saks Off 5th website — which was spun off as a standalone business unit in 2021 and therefore is not part of the Saks Global bankruptcy — also will be shut down. Saks Global currently owns 80% of the SaksOff5th.com business, with the remaining 20% being held by outside investors.
A dozen Saks Off 5th locations will remain open (full list below) to offer a selling channel for residual inventory from Saks Global’s full-price chains — Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. With this change, Saks Global will stop purchasing merchandise directly for sale at Saks Off 5th.
“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,” said Geoffroy van Raemdonck, CEO of Saks Global in a statement. “With these actions, we will be well positioned to seize the greatest opportunities for long-term growth and value creation.”
Advertisement
Closing sales begin on SaksOff5th.com today, and on Jan. 31 at all Saks Off 5th Stores and Last Call stores that are set to close. Business will continue as usual at Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman stores and their ecommerce sites.
The 12 Saks Off 5th stores that will remain open include those in:
- The Gallery at Westbury Plaza, Garden City, N.Y.;
- Sawgrass Mills, Sunrise, Fla.;
- Woodbury Common Premium Outlets, Central Valley, N.Y.;
- Bergen Town Center, Paramus, N.J.;
- Town Center Aventura ,Aventura, Fla.;
- Buckhead Station, Atlanta;
- Miromar Outlets, Estero, Fla.;
- Somerset Shoppes, Boca Raton, Fla.;
- The Outlets at Orange, Orange, Calif.;
- Dolphin Mall, Miami;
- Palm Beach Outlets, West Palm Beach, Fla.; and
- Grapevine Mills, Grapevine, Texas.
