Saks Global announced that it will close the majority of its Saks Off 5th and all of its Last Call locations nationwide, just weeks after a bankruptcy filing, to focus on its luxury retail stores.
Saks Global announced it will shutter 57 Off 5th locations and five Last Call storefronts. Only 12 stores in New York, Florida, New Jersey, Georgia, California, and Texas will remain open.
In addition, saksoff5th.com, which is a separate legal entity from Saks Global, will commence a wind-down of its operations, with an online closing sale beginning Friday, January 30.
“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,” Geoffroy van Raemdonck, CEO of Saks Global, stated on Thursday, January 29. “With these actions, we will be well-positioned to seize the greatest opportunities for long-term growth and value creation.”
The company said the remaining Saks Off 5th stores will “serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.” Saks Global will move away from purchasing merchandise directly for Saks Off 5th.
Saks Global stated that it “continues to access the initial tranche of $500 million of $1.75 billion in committed capital to support operations and transformation initiatives across its portfolio, including facilitating go-forward payments to brand partners and supporting inventory flow across its full-price retail brands.”
The company operates 70 full-line luxury locations under Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
Image courtesy Saks Global
