"Saks OFF 5th is closing its Assembly Row store in Somerville and its outlet in Wrentham as its parent company, Saks Global, files for bankruptcy. On Thursday, the company announced it will shutter most of its Saks OFF 5th locations and all remaining Last Call stores, shifting its focus to luxury retail and full-price operations. The company began closing sales at certain Saks OFF 5th stores starting Saturday."
"Only a dozen Saks OFF 5th stores will remain open as a tool to sell residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdofrt Goodman. Saks Global will no longer purchase merchandise directly for Saks OFF 5th. The most recent closures will not impact the Saks Fifth Avenue in the Prudential Center. 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."
Saks OFF 5th will close its Assembly Row store in Somerville and its Wrentham outlet after parent company Saks Global filed for bankruptcy. The company will shutter most Saks OFF 5th locations and all Last Call stores while shifting focus to luxury retail and full-price operations. Closing sales at certain Saks OFF 5th stores began Saturday. About a dozen Saks OFF 5th locations will remain to sell residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdofrt Goodman; Saks Global will no longer purchase merchandise directly for the discount chain. The closures do not affect the Saks Fifth Avenue in the Prudential Center. Saks Global secured $1.75 billion in financing to restructure heavy acquisition debt amid rising competition.
Read at Boston.com
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