Business & Tech
Major Luxury Discount Retailer To Close MA Stores
A clothing retailer will close dozens of locations across the country and is currently offering steep discounts.
BOSTON, MA — Saks Off 5th, an outlet of Saks 5th Avenue that offers luxury off-price fashion, will close almost all its stores across the country, including two in Massachusetts.
Stores in Somerville and Wrentham will have closing sales beginning Saturday, according to a statement from the company.
Only 12 stores will remain open nationwide in New York, Florida, New Jersey, California, and Texas.
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The business, which is part of Saks Global and dates back to the 1990s, will also wind-down its online presence, saksoff5th.com. The site is currently offering up to 85 percent discounts.
The closures come as as Saks Global is "sharpening its focus on luxury retail and full-price selling across its iconic portfolio," according to a statement. The company entered into Chapter 11 bankruptcy proceedings earlier this month.
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The Saks Off 5th in Somerville is located at 300 Canal St. in the Assembly Row shopping district. The Wrentham store is at 1048 South St. in Wrentham Village Premium Outlets.
"The company is incredibly grateful for the loyalty its Saks OFF 5TH and Last Call customers have shown over the years and appreciates being part of your shopping journey," Saks Global says on its website.
Saks announced it would buy Neiman Marcus for $2.65 billion in the summer of 2024, with the goal of creating a powerhouse in a luxury sector that had grown more fragmented. Online sellers have been siphoning customers, and big-name brands have expanded the number of their own stores to sell their goods.
But the acquisition only added to an already onerous debt at Saks as luxury sales weakened. Saks was having trouble paying suppliers before, and by last year, it began to stretch out payment periods, angering brands and fraying relationships.
According to the bankruptcy filing, the company listed $1 billion to $10 billion in assets and liabilities.
Patch editor Anna Schier and the Associated Press contributed reporting
Read more: National Retailer To Close All MA Locations: Reports
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