NEW YORK – Saks OFF 5th at San Antonio’s The Rim will close Saturday following a bankruptcy filing from its parent company, Saks Global, earlier this month.
Saks Global announced Thursday that it will close most of its discount Saks OFF 5th locations, including seven in Texas.
Recommended Videos
It will also close five Neiman Marcus Last Call locations, including the Texas stores in San Marcos and Grapevine. Saks Global did not specify the closing dates for the five Last Call locations, but mentioned that closing sales are underway at those stores.
An appeal for bankruptcy protection filing for Saks Global, the operator of Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus, has left the luxury department stores’ suppliers with unpaid bills and caused a rift with Amazon, one of Saks Global’s minority investors.
Saks Global said last week it had secured roughly $1.75 billion to help finance the company toward hoped-for profitability. The company said it would honor all customer loyalty programs, compensate vendors and pay employees while seeking approval for its plan to pay off outstanding liabilities, which range from $1 billion to $10 billion, according to court documents.
The bankruptcy occurred a little over a year after the parent company of Saks Fifth Avenue agreed to buy the Neiman Marcus Group, its upscale rival, for $2.65 billion. Amazon took a minority stake in the deal, which saddled the new holding company with significant debt at a time of rising competition and a slowdown in luxury spending.
Read more: