Luxury department chain Saks OFF 5th will close nearly 60 stores across the nation—including three in New Jersey.
Closing stores will begin to sell off inventory this weekend. A sale is also starting on the Saks website today as a part of the new plan.
The New Jersey Saks OFF 5th stores closing are Elizabeth, Bridgewater, and Shrewsbury. The Bergen Town Center location remains open.
It’s not just Jersey stores that are shuttering—all but 12 OFF 5th locations in the nation will close. The move comes amid the brand’s bankruptcy restructuring.
Saks Global entered Chapter 11 bankruptcy proceedings earlier this month, allowing the store to work with creditors to restructure instead of liquidating.
Why is Saks OFF 5th Closing Stores?
In 2024, Saks bought rival store Neiman Marcus. However, the plan didn’t pan out how the company intended it to. The pressure of $2.5 billion in debt acquired during the deal was clearly a hard hurdle to overcome.
Adding to the challenge was a decade-long shift away from in-store retail, toward online shopping. Saks OFF 5th closures paint a broader picture of the challenges facing luxury retail.
For Saks, the obstacles added up. How they weather the storm remains to be seen.
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.