Saks Global, owner of luxury retail chains Saks 5th Avenue and Neiman Marcus, has announced the closure of the majority of its off-price operations, including most of its Saks Off 5th and all of its Last Call outlets.
There are three Saks Off 5th stores closing in New Jersey – Bridgewater, Elizabeth and Shrewsbury. The Bergen Town Center store in Paramus is the only Saks Off 5th that remains open in New Jersey.
The company said in a statement online that announced the “strategic actions to wind down the majority of its off-price operations, sharpening its focus on luxury retail and full-price selling across its iconic portfolio. These actions are part of the Company’s ongoing evaluation of its operational footprint to ensure it remains well positioned to invest in areas that present the greatest opportunities for sustainable, profitable growth for its luxury retail brands and partners.”
The store closures come about two weeks after Saks Global announced that it was filing for Chapter 11 bankruptcy protection.
Saks Global is closing these locations as part of its Chapter 11 bankruptcy process, which Saks Global CEO Geoffroy van Raemdonck said earlier this month was “to strengthen the foundation of our business and position it for the future.”
Like so many retailers, Saks has become burdened with debt because of reduced sales, declining foot traffic, increased online competition and inflationary pressures. Its debt issues worsened after it acquired competitor Neiman Marcus in 2024.
Saks Global also announced that the retailer’s website, Saksoff5th.com, “is winding down operations.” The company said Saksoff5th.com online closing sales began on Friday, Jan. 30. Physical store closing sales will begin on Saturday, Jan. 31.
Saks Global said gift cards to the physical retail stores that are closing will be accepted only until Saturday, Feb. 14.
Saks Global says Saksoff5th.com online closing sales began Friday, Jan. 30.
Physical store closing sales began on Saturday, Jan. 31.
The company says that gift cards to these physical retail stores will continue to be accepted, but only until Saturday, Feb. 14th.
