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Saks OFF 5th Slashing Stores Amid Bankruptcy
30 Jan
Summary
- Dozens of Saks OFF 5th stores closing this weekend.
- Company aims to cut costs and profit from bankruptcy.
- Focus shifts to luxury chains like Saks Fifth Avenue.
Saks Global Enterprises is initiating a significant wave of closures, with nearly three dozen Saks OFF 5th stores set to cease operations this weekend. This action marks the company's initial major step in its plan to reduce expenses and re-establish profitability following bankruptcy proceedings.
In addition to the Saks OFF 5th locations, five stores under the Last Call banner will also be shut down. The company intends to concentrate its efforts on its more exclusive luxury brands. These include the prominent Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman chains, as it navigates its path toward financial recovery.
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