Saks Off Fifth is closing 9 stores in the US…
Another one bites the mud.
It’s a unhappy day for savvy buyers and the end of an period, some may say.
Saks Off Fifth, the off-price division store and sister to Saks Fifth Avenue, is closing 9 more stores across the US, with a number of in the tri-state space.
In an effort to “place greater attention to our high-performing and high-potential store locations,” the company determined 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 gained’t shutter until the new yr, the main Saks Off fifth store in NYC on the Upper East Side (125 E 57th Street) will formally close its doorways on December 31.
The NYC location will formally close its doorways on New Year’s Eve. David McGlynn
The Post contacted Saks Off Fifth for a remark.
(*9*) the company said in a assertion about the many closures.
Most would assume this news may only imply one factor: chapter, but surprisingly, that isn’t the case.
Last month, rumors had been circulating that its dad or mum company, Saks Global, was doubtlessly going through Chapter 11 chapter, but a spokesperson for the model rapidly 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.”
The company is planning to close a number of stores as a long-term aim for success. Bloomberg via Getty Images
As the retail industry faces a tough patch due to declining site visitors and unimpressive gross sales, Saks Off Fifth joins a slew of other retailers that have also lately closed their doorways.
This past August, luxurious retailer Nordstrom shut its Saint Louis Galleria store in St. Louis, Missouri, as effectively 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 assertion.
In January of this yr, Macy’s closed 66 stores so the company may invest in 350 “go-forward” Macy’s places across the nation through 2026.
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