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Saks Global to shutter majority of its off-price retail locations amid bankruptcy proceedings

Saks Global secured $1.75 billion in financing to restructure and will close 57 Saks Off 5th stores and all Last Call outlets as part of a strategic shift to focus on luxury full-price retail.

  • Saks Global will close most of its off-price operations, including many Saks OFF 5TH stores and all Neiman Marcus Last Call locations, amid bankruptcy proceedings, as reported by Reuters.
  • The off-price division is expected to lose $139 million in fiscal year 2025, according to court filings cited in the report.
  • Geoffroy van Raemdonck, Saks Global CEO, indicated that the company will stop purchasing items for the off-price division to focus on luxury operations.
  • Experts noted that many brands halted shipments due to Saks Global's financial issues, indicating bankruptcy was becoming inevitable.
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San Antonio Express-News broke the news in San Antonio, United States on Thursday, January 22, 2026.
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