Saks Global to close 62 stores and exit majority of its off-price business amid bankruptcy

By Lynsey Barber | Published: 30-Jan-2026
Finance Retail

As part of its Chapter 11 bankruptcy proceedings, the luxury retailer will close 57 Saks OFF 5th stores and all Neiman Marcus Last Call locations to focus on full-price luxury retail

Saks Global will exit the majority of its off-price business to focus on full-price luxury retail after filing for bankruptcy.

The troubled retailer will close most of its Saks OFF 5th locations – 57 in total – with a dozen remaining open to sell inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.

Website saksoff5th.com, which is a separate legal entity from Saks Global, will also wind down operations.

All five remaining Neiman Marcus Last Call locations will shut for good as part of the plans.

Saks Global filed for Chapter 11 bankruptcy protection after debts weighed on the business from its US$2.7bn acquisition of department store chain Neiman Marcus in 2024.

Estée Lauder Companies (ELC), Beiersdorf and Puig were revealed to be among the beauty companies owed millions of dollars by the US luxury retailer in court filings.

Saks Global secured $1.75bn to turn things around and is evaluating its operations as part of the bankruptcy proceedings.

Saks Global’s latest move to exit off-price will “ensure it remains well positioned to invest in areas that present the greatest opportunities for sustainable, profitable growth for its luxury retail brands and partners”, the company said in a statement.

“As we advance on Saks Global's transformation, we are taking decisive steps to realign our business to better serve our luxury customers and drive full-price selling across our core luxury businesses," said Geoffroy van Raemdonck, CEO of Saks Global. 

“With these actions, we will be well positioned to seize the greatest opportunities for long-term growth and value creation. 

“We sincerely thank our Saks OFF 5TH and Last Call colleagues for the important role they have played in serving our loyal customers.”

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