Saks Global to Close 57 Saks OFF 5TH Stores in Bankruptcy

Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, announced Thursday that it will close 57 of its 70 Saks OFF 5TH discount stores nationwide, along with all five remaining Last Call outlets, as part of its ongoing Chapter 11 bankruptcy restructuring. The decision affects locations across the United States, including the two stores in Massachusetts at Wrentham Village Premium Outlets and The Outlets at Assembly Row in Somerville. Closing sales at 34 Saks OFF 5TH stores will begin Saturday, while the remaining 23 are scheduled to start sales on February 2, with closures to follow in the coming weeks, pending bankruptcy court approval.

The company, which filed for bankruptcy protection on January 14, aims to streamline operations and concentrate resources on its core full-price luxury retail brands. Saks OFF 5TH, known for offering discounted designer and everyday items, and Last Call, Neiman Marcus's clearance channel, have been separate entities from the main Saks Global operations. The wind-down includes phasing out the saksoff5th.com website, where online closing sales began Friday with discounts up to 85 percent. Existing gift cards will be honored...