Luxury retailer announces closing sales amid bankruptcy
- Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, announced the closure of the majority of its Saks Off 5th and Last Call off-price retail locations.
- “Select stores will participate in closing sales, which will extrend over the next several weeks,” Saks posted on Instagram.
- Only 12 of the 74 Saks Off 5th and Last Call stores nationwide will remain open, primarily to sell residual inventory from the company’s luxury brands rather than new merchandise.
- This decision follows Saks Global's filing for Chapter 11 bankruptcy protection earlier this month, triggered in part by a missed $100 million interest payment related to its 2024 acquisition of Neiman Marcus.
- Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman stores, along with their respective online sites, will continue to operate as normal, while SaksOff5th.com will begin winding down operations.
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