Saks Global has announced to close most of its off-price operations as part of its Chapter 11 restructuring. The move signals a renewed focus on luxury customers and full-price brand partnerships. The closures come with a final sale and a new direction for the brand.
Saks Global Announces Major Shift Away from Off-Price Operations
Leading retail company Saks Global is shifting its focus to luxury retail and full-price selling. The decision was made as part of the brand’s Chapter 11 bankruptcy restructuring. As a result, the company will wind down most of its discount outlet operations.
The company cited ongoing losses at Saks OFF 5TH as a key factor behind its Chapter 11 restructuring. It prompted the decision to wind down most of its off-price operations and stop direct merchandising. The decision also coincides with a leadership transition at the company.
Leadership’s Vision for the Future
Geoffroy van Raemdonck, CEO of Saks Global, aims to redirect the company’s focus to luxury customers. A former CEO of Neiman Marcus, van Raemdonck was brought in to guide Saks Global through its restructuring. His strategy centers on strengthening the company’s core luxury business and improving long-term financial performance.
The changes brought about by this decision are part of a larger transformation. The shifting strategy aims to make the company more profitable. It better aligns with its luxury retail goals and reduces its struggles with vendors and inventory.
What’s Next for the Brand and Shoppers
According to PRNewswire, the company is winding down operations at its Saks OFF 5TH and Last Call stores and is holding a sale to mark the end of this chapter. Closing sales will be held in these stores that will begin on January 31, 2025. Some locations are expected to close as early as February 2, 2025.
Through these actions, the brand aims to be well positioned to seize opportunities that drive long-term growth. After the sales conclude, only select Saks OFF 5TH locations will remain open to sell residual inventory. This includes products from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman.
The Saks OFF 5TH online store will also host a final sale beginning January 30, 2026, before winding down operations.
The move marks a significant turning point for the retailer as it reshapes its business. As it narrows its focus on the luxury market, it also marks the end of an era. The restructuring reflects Saks Global’s effort to stabilize its operations and refocus on its core luxury customer base.
