NEW YORK – Saks Global Enterprises LLC  a leading luxury retail company, today announced strategic actions to wind down the majority of its off-price operations, sharpening its focus on luxury retail and full-price selling across its iconic portfolio. These actions are part of the Company’s ongoing evaluation of its operational footprint to ensure it remains well positioned to invest in areas that present the greatest opportunities for sustainable, profitable growth for its luxury retail brands and partners.

Optimizing the Saks OFF 5TH and Last Call Store Footprint
Following a thorough review of its off-price business, Saks Global made the decision to close the majority of its Saks OFF 5TH retail locations and the remaining Last Call stores. Subject to certain approvals in the chapter 11 process, the Company will commence closing sales at certain Saks OFF 5TH stores and all remaining Last Call stores beginning Saturday, January 31.

To support the Company’s forward business, select Saks OFF 5TH stores will remain open to serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. As such, Saks Global will move away from purchasing merchandise directly for Saks OFF 5TH.

Winding Down Saks OFF 5TH Online
In addition, saksoff5th.com, which is a separate legal entity from Saks Global, has determined that it will commence a wind-down of its operations, with an online closing sale beginning Friday, January 30. Customers are encouraged to shop early for their favorite brands while merchandise selection is best..

Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets.

Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman stores and ecommerce experiences are open and serving customers as usual.