SOURCE Saks Global

Company winds down majority of off-price operations as it centers go-forward strategy on luxury customers, brand partners and full-price selling to drive sustainable, profitable growth

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

NEW YORK, Jan. 29, 2026 /PRNewswire/ -- Saks Global Enterprises LLC ("Saks Global" or the "Company"), 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. A full list of closing locations and updates to customer programs can be found here. 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 go-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.

During the closing sales, the Saks OFF 5TH ecommerce and brick-and-mortar businesses maintain the flexibility to pivot to alternative transactions, should any emerge.

"As we advance on Saks Global's transformation, we are taking decisive steps to realign our business to better serve our luxury customers and drive full-price selling across our core luxury businesses," said Geoffroy van Raemdonck, Chief Executive Officer of Saks Global. "With these actions, we will be well positioned to seize the greatest opportunities for long-term growth and value creation. We sincerely thank our Saks OFF 5TH and Last Call colleagues for the important role they have played in serving our loyal customers."

The Company continues to access the initial tranche of $500 million of $1.75 billion in committed capital to support operations and transformation initiatives across its portfolio, including facilitating go-forward payments to brand partners and the acceleration of inventory flow across its full-price retail brands.

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

Advisors
Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as investment banker, Berkeley Research Group is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to Saks Global. Bradley Arant Boult Cummings LLP is serving as legal counsel and Accordion Partners is serving as financial advisor to saksoff5th.com. Saks Global and saksoff5th.com have engaged Great American to strategically assist with inventory management throughout the closing sales of saksoff5th.com as well as Saks OFF 5TH and Last Call stores.

About Saks Global
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail.

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.

For more information, visit SaksGlobal.com and follow Saks Global on LinkedIn.

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