Saks pivots to luxury as discount stores face mass closures
Saks Global has filed for Chapter 11 and will shutter most of its discount stores (Saks Off Fifth and Last Call), leaving a minority of Off Fifth locations open as it refocuses on core luxury brands. Liquidation sales begin Jan 31; the Saks Off 5th website will close, while 41 Saks and 36 Neiman Marcus/ Bergdorf Goodman stores and their e-commerce will continue. Gift cards can be used through Feb 14, returns/exchanges for purchases before Jan 31, and store-credit redemptions until March 1. The moves aim to cut debt and reset leases after a debt-fueled acquisition.
