New York
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The parent company of Saks Off 5th and Last Call will close most locations to focus on its luxury retail stores after filing for bankruptcy this month.
Saks Global announced on Thursday that it will shutter almost 60 of its Off 5th locations and five Last Call storefronts. One dozen Off 5th locations will remain open, according to the company’s press release.
By shutting down the discount stores, Saks Global’s attention has shifted to its luxury offerings at Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. It’s a major shift for the company, which floundered under a heavy debt load following its purchase of rival Neiman Marcus in 2024. However, even before the purchase, the company was already in a precarious financial situation.
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