Luxury retailer Saks Global files for bankruptcy amid debt crisis
Luxury retailer Saks Global has filed for bankruptcy. The stores remain open today after securing a $1.75 billion funding package and appointing a new CEO.
Saks Global, owner of luxury brand Saks Fifth Avenue and discount division Saks Off Fifth, is scaling back its operations following a recent bankruptcy filing.
On February 2nd, Saks Off 5th shared a social media post announcing to customers that “Saksoff5th.com, Neiman Marcus Last Call stores, and the ‘vast majority’ of Saks Off 5th stores will be closing.” The development comes after Saks Global announced a Chapter 11 filing and a change in leadership on January 14.
“Select stores are participating in store closing sales and the sale will run over the next few weeks,” Saks Off 5th’s post reads. “We encourage you to shop your favorite brands while you still have the best product selection.”
The closure, described as a “strategic move,” comes as the company continues to gain access to the first $500 million portion of a $1.75 billion funding package. Saks Global said the closures only apply to its Saks Off 5th and Last Call retail stores.
The luxury retail chain said its Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman stores and their e-commerce experiences are “operating as usual and serving customers.”
Introducing the latest information on store closures, including stores holding store closing sales.
Why are Saks Off 5th and Last Call stores closing?
Saks Global said in a Jan. 29 announcement that the “downsizing” of Saks Off Fifth Online’s operations was the result of “an increased focus on luxury retail and fixed-price sales across the company’s iconic portfolio.”
Saks Global added: “These actions are part of our ongoing evaluation of our business development to ensure we remain well-positioned to invest in areas that offer the greatest opportunities for sustainable and profitable growth for our luxury retail brands and partners.”
A closing sale began on January 31st at some Saks Off 5th stores and all remaining Last Call stores.
The company also plans to use the dozen or so Saks Off Fifth stores that remain open as “sales channels” for remaining inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
According to Saks Global, the website saksoff5th.com will also cease operations. This website is a separate legal entity from Saks Global and is hosting an online closing sale.
Visit the Saks Global website for more information about gift cards, shipping, returns/exchanges, InCircle credit cards, SaksFirst credit cards, and Off 5th Rewards.
From Grapevine Mills to The Outlets at Orange, here’s the complete list of Saks Off 5th stores that remain open.
- Gallery @ Westbury Plaza (Garden City, New York)
- Sawgrass Mills in Sunrise, Florida
- Woodbury Common Premium Outlets in Central Valley, New York
- Bergen Town Center in Paramus, New Jersey
- Aventura, Florida Town Center Aventura
- Buckhead Station in Atlanta, Georgia
- Miromar Outlets in Estero, Florida
- Somerset Shops in Boca Raton, Florida
- Outlets at Orange in Orange, California
- Dolphin Mall in Miami, Florida
- Palm Beach Outlets in West Palm Beach, Florida
- Grapevine Mills, Grapevine, Texas
Some Saks Global stores are holding “closing sale”
Some Saks Off 5th and Neiman Marcus Last Call stores are holding “closing sales” ahead of their store closures.
Last Call locations holding closing sales:
- Sawgrass Mills in Sunrise, Florida
- Desert Hills Premium Outlets in Cabazon, California
- Grapevine Mills, Grapevine, Texas
- San Marcos Premium Outlets in San Marcos, Texas
- Outlets at Orange in Orange, California
Closing sale underway at Saks Off’s 5th store:
- Arundel Mills, Hanover, Maryland
- Waipahu, United States
- palm desert california
- Scottsdale, Arizona
- Chandler, Arizona
- eastchester new york
- bridgewater new jersey
- Clarksburg, Maryland
- Deer Park, New York
- shrewsbury new jersey
- elizabeth new jersey
- Somerville, Massachusetts
- Wrentham, Massachusetts
- Orlando Vineland Premium Outlets in Vineland, Florida
- Park Shore Plaza in Naples, Florida
- Orlando, Florida
- florida lats
- Ellenton Premium Outlets in Ellenton, Florida
- Destin, Florida
- charlotte, north carolina
- Lawrenceville, Georgia
- Hilton Head, Bluffton, South Carolina
- Rosemont, Illinois
- Cypress, Texas
- sugar land, texas
- katy, texas
- costa mesa california
- Beverly Connection, Los Angeles, California
- Woodland Hills, California
- Las Vegas North Premium Outlets in Las Vegas, Nevada
- Las Vegas South Premium Outlets in Las Vegas, Nevada
- Livermore, California
- San Antonio, Texas
- Cabazon, California
Which Saks Off 5th stores will be closing?
According to Saks Global, “the majority” of Saks Off 5th stores and “all remaining Neiman Marcus Last Call stores” will close.
Approximately 20 Saks Off 5th retail stores nationwide closed on February 2nd. Includes the following stores:
- Mebane, North Carolina
- Charleston, South Carolina
- grand prairie, texas
- Road Post States in Honolulu, Hawaii
- Petaluma, California
- Glendale, Arizona
- Tucson, Arizona
- Merrimack, New Hampshire
- Riverhead, New York
- clinton, connecticut
- woodstock georgia
- Aurora, Illinois
-
dallas, texas
- northbrook illinois
- Eagan, Minnesota
- columbus ohio
- San Diego, California
- Camarillo, California
- Ontario, California
- Milpitas, California
- State Street, Chicago, Illinois
- Highridge Shopping Center in Stamford, CT
- Greenburgh, New York
