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Saks Off 5th Closes at Twin Cities Premium Outlets as Parent Company Files for Bankruptcy
Saks Global filed for bankruptcy after struggling with $2.65 billion debt from Neiman Marcus acquisition, closing 58 of 70 Saks OFF 5TH stores and all five Last Call outlets.
- Saks Global Enterprises said it filed for Chapter 11 and plans to close most Saks OFF 5TH and Last Call stores across the U.S., with 23 ceasing operations on Feb. 2.
- Debt tied to recent deals left Saks Global Enterprises with about $2.2 billion of debt and a missed $100 million interest payment in December, leading to its mid‑January bankruptcy filing in Texas.
- Closing‑sale rules state saksoff5th.com began Jan. 31 while in‑store sales started Jan. 31, with merchandise final sale and no returns; stores ceased operations on Feb. 2.
- Remaining outlets will operate mainly as selling channels for residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, supported by about $1.75 billion in financing from senior secured bondholders and asset‑based lenders.
- Looking ahead, Saks Global will shift OFF 5TH sourcing, focus on luxury full-price sales, and customers with rewards or gift cards can redeem them by late February and March.
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14 Articles
Saks Off 5th closes at Twin Cities Premium Outlets as parent company files for bankruptcy
The closure is part of a broader retreat by luxury retailers from the Twin Cities market that began more than a decade ago, with Saks and its sister store Neiman Marcus both abandoning their downtown Minneapolis locations.
·United States
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Saks Global closing most Saks Off 5th and all Last Call stores; 3 N.J. stores shutting
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 on…
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Total News Sources14
Leaning Left1Leaning Right0Center11Last UpdatedBias Distribution92% Center
Bias Distribution
- 92% of the sources are Center
92% Center
C 92%
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