Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, announced Thursday that it will close the majority of its Saks Off 5th and Last Call off-price retail locations as part of bankruptcy proceedings.
Of the 74 Saks Off 5th stores nationwide, only 12 will remain open and even those will primarily serve as outlets for residual inventory from the company’s luxury brands rather than buying new merchandise for sale.
Closures will begin immediately with some stores starting markdown sales Saturday and others expected to close their doors as early as Monday. Customers can redeem gift cards in stores through February 14 and existing store credit card rewards will be accepted until March 1.
“The company is…