Bankrupt Saks closing stores in Pasco, Manatee and Collier

Saks Global is closing all but one of its Saks Off 5th retail locations across the region as part of a plan to restructure during its Chapter 11 bankruptcy.

The luxury retailer announced Thursday that it will shutter the majority of its discount retail brand stores, which also include Neiman Marcus Last Calls locations, launching going out of business sales starting Saturday, Jan. 31.

It is also winding down saksoff5th.com. Its sale began Friday Jan. 30.

The company, in court papers, says Off 5th’s brick-and-mortar and e-commerce operations is expected to lose $139 million in the fiscal year.

In Florida, six of the company’s 12 Off 5th stores statewide are slated to shut down. Of those, three are along the Gulf coast: at Park Shore Plaza in Naples, Ellenton Premium Outlets in Manatee County and Tampa Premium Outlets in Pasco County.

The remaining Off 5th store in the region, according to a store closing list, will be at the Miromar Outlets in Estero.

The only Last Call store in Florida is in Sunrise, and it too is closing.

Saks Global is a luxury retailer whose holdings include Saks 5th Avenue, Neiman Marcus, Bergdorf Goodman, Off 5th, Last Call and Horchow.

The company filed for Chapter 11 bankruptcy Jan. 13 in Houston reporting, according to court records, between $1 billion and $10 billion in debt.

As part of the bankruptcy, it secured $1.75 billion in debtor-in-possession financing and named a new CEO, Richard Baker its chairman.

CNBC reports that the retailer went into bankruptcy “after an unsustainable debt pile crushed its business” and it missed a bond payment in December. The financial news network says Saks Global began having cash flow issues after paying $2.7 billion in 2024 to buy Neiman Marcus.

The company, in its motion seeking approval to close the Off 5th and Last Call stores, says it “suffered steep revenue declines in 2025 due in large part to (its) inability to secure inventory in a time of strained liquidity.”

“While the global debtors’ luxury business remains a strong platform for growth, the same may not be said of their off-price businesses,” according to court records, which show it was operating 74 Off 5th stores and five Las Call stores.