"In January, Saks Global filed for Chapter 11 bankruptcy protection following a year marked by missed payments and restructuring. The company owes hundreds of millions of dollars to brands like Chanel and LVMH. As part of its turnaround plan, Saks is "sharpening its focus on luxury" and closing the majority of its outlets, the company said in a statement. "We are taking decisive steps to realign our business to better serve our luxury customers," Geoffroy van Raemdonck, Saks Global's new CEO, said. "With these actions, we will be well-positioned to seize the greatest opportunities for long-term growth and value creation.""
"All Last Call stores are set to close at the end of January, and 23 Saks Off 5th locations will close on February 2. The remaining 34 Saks Off 5th locations will begin holding closing sales on January 31. Saks Off 5th's website, a separate legal entity from Saks Global, is also preparing to close, with a sale beginning on January 30."
Saks Global filed for Chapter 11 bankruptcy protection in January after a year of missed payments and restructuring. The company owes hundreds of millions of dollars to brands including Chanel and LVMH. As part of a turnaround plan, the business is closing the majority of its off-price outlets to sharpen focus on luxury. All Last Call stores will close at the end of January and 23 Saks Off 5th stores will close on February 2, with the remaining 34 beginning closing sales on January 31. Saks Off 5th's separate website is preparing a sale beginning January 30. Twelve Off 5th locations are expected to remain open, and earlier actions included a Florida facility shutdown and at least 74 layoffs.
Read at Business Insider
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