Saks to shutter most Saks Off 5th stores as bankrupt retailer cuts costs
CBSN
Saks Global plans to shutter most of its Sak Off 5th stores as the bankrupt retailer looks to slash costs and cater to higher-income customers.
Saks Global plans to shutter most of its Sak Off 5th stores as the bankrupt retailer looks to slash costs and cater to higher-income customers.
The company said on Thursday that it will close all but 12 of its 70 Saks Off 5th locations. The remaining outlets will serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
Saks, which also owns department store chains Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 protection from its debts earlier this month.
"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," Saks CEO Geoffroy van Raemdonck said in a statement.
Saks Global on Saturday will begin going-out-of-business sales at certain Saks Off 5th locations, subject to bankruptcy approval, and all Last Call locations. It's already started going-out-of-business sales on Saksoff5th.com on Friday. The site showed up to 85% off on merchandise.
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