Another one bites the dust.
It’s a bit of a somber moment for savvy shoppers, and honestly, some might say it’s marking the end of an era. Saks Off-Fifth, the outlet branch linked to Saks Fifth Avenue, is set to shut down nine locations throughout the U.S., with a few in the tri-state area being included.
The decision to close stores—including ones in Austin, Texas, Chicago, Washington, D.C., Franklin Mall in Philadelphia, Pittsburgh North, Plymouth Meeting, East Hanover, Niagara Falls, and West Hartford—comes as the company aims to concentrate on stores that are performing better or have greater potential.
While most of these stores won’t close until early next year, the Saks Off-Fifth location at 125 E 57th Street on the Upper East Side of New York City will officially shut down on December 31.
The company has been contacted for comment regarding this decision.
“We believe this will put Saks Off-Fifth in a stronger position for lasting success, and we’re eager to keep serving our customers,” the company stated about the closures.
Now, you’d think this could hint at financial troubles, maybe even bankruptcy, but that’s not quite the case here.
Recently, there were whispers about the parent company, Saks Global, possibly facing Chapter 11 bankruptcy. However, a representative quickly clarified that wasn’t happening. They emphasized that “no restructuring is on the table.” Additionally, they mentioned that they are making good progress in reducing costs and improving business performance.
Saks Off-Fifth is just one of several retailers experiencing closures lately as the retail landscape is challenged by falling foot traffic and weak sales numbers. For example, back in August, Nordstrom closed stores in St. Louis and Santa Monica, with a spokesperson noting that focusing on local stores and digital channels is their way of serving customers better.
Then there’s Macy’s, which decided to shut down 66 stores this past January to free up resources for investing in 350 new “forward” Macy’s stores by 2026.
