URGENT UPDATE: Saks Off 5th is set to close its store in East Hanover, New Jersey, on January 17, 2024, as part of a significant reduction in its retail footprint amid mounting bankruptcy concerns. This announcement follows a recent wave of closures across multiple states, intensifying fears about the future of the luxury off-price retailer.
The announcement, reported by Morris County Focus, confirmed that no special sales will accompany the store’s closure, reflecting a stark shift in the company’s strategy. In a statement, Saks Off 5th emphasized that this move aims to “enable us to place greater attention to our high-performing and high-potential store locations.”
Currently, Saks Off 5th operates approximately 100 stores in the United States and Canada, but plans to shutter multiple locations this month, including stores in Illinois, Texas, New York, and Pennsylvania. The specific stores on the chopping block include:
– East Hanover, New Jersey
– Austin, Texas
– Chicago, Illinois
– Niagara Falls, New York
– Pittsburgh North (McKnight Road), Pennsylvania
– Franklin Mall (formerly Philadelphia Mills), Philadelphia, Pennsylvania
– Plymouth Meeting, Pennsylvania
– Washington, D.C.
– West Hartford, Connecticut
The company previously stated that it has identified opportunities to optimize its store presence, aiming to enhance both performance and customer experience. A spokesperson for Saks Off 5th expressed confidence that the closures would ultimately benefit the business.
Adding to the turmoil, Saks Fifth Avenue recently lost its CEO, Marc Metrick, as bankruptcy rumors circulate online. Reports from The Wall Street Journal indicate that Saks Global, the parent company of Saks Off 5th, is preparing to file for bankruptcy, fueled by claims of an unpaid interest payment exceeding $100 million. Despite these alarming reports, Saks Global has denied any current plans for restructuring.
This evolving situation raises critical questions about the future of Saks Off 5th and its remaining locations. As the company navigates through these turbulent waters, consumers and employees alike are left wondering what the next steps will be.
Stay tuned for updates as this story develops, and consider sharing this urgent news with others who may be affected.
