Majority of Saks OFF 5TH stores to close amid bankruptcy
NBC News • • business
Key Points:
- Saks Global announced it will close 57 Saks OFF 5TH stores nationwide and shutter all five Neiman Marcus Last Call locations as part of its bankruptcy restructuring.
- The company entered Chapter 11 bankruptcy on January 14 to restructure over $2.5 billion in debt acquired after buying Neiman Marcus in 2024.
- Saks Global will also wind down operations of the Saksoff5th.com website and did not disclose how many jobs will be affected by the closures.
- The closures reflect a strategic shift to focus on luxury brands in full-price retail settings amid declining demand for off-price and department store formats.
- Twenty-three Saks OFF 5TH stores will close by February 2, with the remaining 34
