Retail news
Just one Saks Off 5th store in DFW survives company's nationwide closures
Saks Off 5th is closing most of its stores.
Saks Global, parent company of Neiman Marcus and Saks Fifth Avenue, is closing most of its discount designer stores as it tries to wiggle through bankruptcy. In Dallas-Fort Worth, three Saks Off 5th and Neiman Marcus Last Call stores will shutter, and one will remain open.
According to a release:
- The Saks Off 5th in Grapevine Mills mall will survive as the only remaining Saks Off 5th in Texas.
- A Neiman Marcus Last Call store in Grapevine Mills will close.
- The Saks Off 5th store in Dallas (8040 Park Ln.) will close February 2.
- The Saks Off 5th location in Grand Prairie (2950 W. I-20 #125) will close February 2.
In total, 57 Off 5th stores and all remaining Last Call stores will shutter nationwide. (A complete list of closures can be found here.)
The mass closures come after Saks Global filed for Chapter 11 bankruptcy protections on January 14. The conglomerate has been buckling under the strain of $2.5 million in debt it acquired with the 2024 purchase of rival retailer Neiman Marcus.
"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," says Geoffroy van Raemdonck, chief executive officer of Saks Global, in a release. "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."
In good news for shoppers, many of the U.S. stores, including those in DFW, will kick off closing sales beginning January 31. Additionally, saksoff5th.com will wind down its operations with an online closing sale beginning Friday, January 30.
The select Saks Off 5th stores remaining open, including the Grapevine Mills location, will serve primarily as a selling channel for residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, the company says.
The overall primary market for luxury goods has been declining in recent years due to changing customer preferences, a perceived decline in quality in top brands like Gucci and Louis Vuitton, and a growing resale market led by sites like The RealReal and Vestaire Collective.
