Saks Global to close most of its Saks Off 5th stores as it restructures during Chapter 11 bankruptcy

"The parent company of Saks Fifth Avenue and Neiman Marcus is closing most of its Saks Off 5th locations to focus on its iconic department stores and raise money to pay off its debts during its Chapter 11 bankuptcy reorganization. Saks Global operates 70 Saks Off 5th locations and plans to shutter all but 12 stores, the company said Thursday. The remaining outlets will serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, it said."

""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, said in a statement. Saks Global on Saturday will begin going-out-of-business sales at certain Saks Off 5th locations, subject to bankruptcy approval, and all Last Call locations. It's already started going-out-of-business sales on Saksoff5th.com on Friday. The site showed up to 85% off on merchandise."

"Saks Global also said it will wind down Saksoff5th.com, a separate legal entity from Saks Global. Consequently, Saks Global said it will move away from purchasing merchandise directly for Saks Off 5th. The company will close the remaining five Last Call stores, which are outlet locations that serve as a discount channel for Neiman Marcus. One of those is at the Sawgrass Mills mall in Sunrise."

Saks Global operates 70 Saks Off 5th locations and will close all but 12 as part of its Chapter 11 reorganization. The 12 remaining outlets will serve primarily as selling channels for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. Five of the remaining stores are in South Florida: Sawgrass Mills, Somerset Shoppes, Palm Beach Outlets, Town Center Aventura and Dolphin Mall. The company will close the remaining five Last Call stores and wind down Saksoff5th.com, moving away from purchasing merchandise directly for the outlet brand. Going-out-of-business sales are under way or planned, with discounts up to 85%.

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