Copyright New York Post
Another one bites the dust. It’s a sad day for savvy shoppers and the end of an era, some might say. Saks Off 5th, the off-price department store and sister to Saks Fifth Avenue, is closing nine stores across the US, with several in the tri-state area. In an effort to “place greater attention to our high-performing and high-potential store locations,” the company decided to close stores in Austin, Texas, Chicago, Washington, D.C., Franklin Mall in Philadelphia, Pittsburgh North (McKnight Road), Plymouth Meeting, Pennsylvania, East Hanover, New Jersey, Niagara Falls, New York and West Hartford, Connecticut. While these stores won’t shutter until the new year, the main Saks Off 5th store in NYC on the Upper East Side (125 E 57th Street) will officially close its doors on December 31. The Post contacted Saks Off Fifth for a comment. “We are confident this will better position the Saks Off 5th business for long-term success and look forward to continuing to deliver for our customers,” the company said in a statement about the many closures. Most would assume this news could only mean one thing: bankruptcy, but surprisingly, that isn’t the case. Last month, rumors were circulating that its parent company, Saks Global, was potentially facing Chapter 11 bankruptcy, but a spokesperson for the brand quickly shut them down. “It is important to note that a restructuring is not being contemplated,” they told The U.S. Sun. “Moreover, we are making strong progress to reduce outstanding payments, invest in our transformation and drive improved performance.” As the retail industry faces a rough patch due to declining traffic and unimpressive sales, Saks Off Fifth joins a slew of other retailers that have also recently closed their doors. This past August, luxury retailer Nordstrom shut its Saint Louis Galleria store in St. Louis, Missouri, as well as a Santa Monica, California location. “We believe we’ll be best able to serve customers in each region by leveraging our surrounding stores and through our digital channels,” a Nordstrom spokesperson said in a statement.
