Overview
- Saks Global is operating under Chapter 11 in the Southern District of Texas with about $1.75 billion in financing, including $1 billion in debtor‑in‑possession funding and $500 million for emergence.
- The company is closing 57 Saks OFF 5TH locations and will keep only 12 open to sell residual inventory from Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
- Saks OFF 5TH has launched in‑store and online closing sales that it says will run for several weeks.
- Neiman Marcus Last Call stores are being shut, SaksOff5th.com is winding down, and core luxury banners continue normal operations.
- Local impacts include permanent closures of the Assembly Row store in Somerville and the outlet in Wrentham, Massachusetts.