Maryland, February 3, 2026
Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, has announced the closure of two Saks OFF 5TH locations in Maryland as part of a bankruptcy restructuring plan. Layoffs are also anticipated as the company aims to eliminate significant debt and focus on its luxury brands. Closing sales have begun, and customers have until February 14 to redeem gift cards. The company’s restructuring follows a Chapter 11 filing aimed at realigning its business operations.
Baltimore, MD – Saks Global Announces Closure of Two Maryland Stores and Layoffs Amid Bankruptcy Proceedings
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has announced the closure of two Saks OFF 5TH locations in Maryland—at Arundel Mills Mall and Clarksburg Premium Outlets—as part of a broader strategy to realign its business operations. This decision follows the company’s recent filing for Chapter 11 bankruptcy protection, aiming to focus on its core luxury brands and streamline its off-price retail segment.
Details of Store Closures and Impact
The closures are part of a larger plan to shut down the majority of Saks OFF 5TH and Neiman Marcus Last Call stores nationwide. After these closures, Saks OFF 5TH will operate only 12 locations across the United States. The company has initiated closing sales at the affected stores, with all sales being final. Customers can redeem existing gift cards through February 14, 2026. Returns and exchanges for merchandise purchased before the closing sales will be accepted in accordance with the company’s usual policies. The online platform, saksoff5th.com, is also winding down operations, with sales starting on January 30, 2026.
Background on Saks Global’s Financial Challenges
Saks Global’s decision to close these stores is part of a broader restructuring effort following its Chapter 11 bankruptcy filing earlier this month. The company cited significant debt incurred from the acquisition of Neiman Marcus in 2024, which contributed to its financial difficulties. The restructuring plan aims to eliminate nearly all of its $2 billion debt and refocus on its core luxury businesses.
Industry Context
The retail industry has seen a trend of store closures and restructuring as companies adapt to changing consumer behaviors and economic pressures. For instance, Macy’s announced plans to close 150 department stores and prioritize its luxury brands as part of its “A Bold New Chapter” strategy. Similarly, other retailers have filed for bankruptcy and closed underperforming locations to streamline operations and focus on profitable segments.
Impact on Employees and Customers
The closure of the two Maryland stores will result in layoffs, though the exact number of affected employees has not been specified. Saks Global has stated that it is providing support to impacted workers, including transfer opportunities where available or severance and outplacement resources where applicable. Customers are encouraged to take advantage of the ongoing closing sales and redeem any outstanding gift cards before the February 14 deadline.
Looking Ahead
Saks Global’s restructuring efforts are aimed at positioning the company for long-term growth and value creation by realigning its business to better serve luxury customers and drive full-price selling across its core luxury businesses. The company has secured $1.75 billion in debtor-in-possession financing to support operations during the bankruptcy process.
Frequently Asked Questions (FAQ)
1. Which Saks OFF 5TH locations in Maryland are closing?
The Saks OFF 5TH stores at Arundel Mills Mall and Clarksburg Premium Outlets in Maryland are closing as part of Saks Global’s restructuring plan.
2. When did the closing sales begin?
The closing sales at the affected Saks OFF 5TH locations began on January 31, 2026.
3. How long will the closing sales last?
The closing sales are ongoing, with all sales being final. Customers are encouraged to visit the stores promptly to take advantage of the discounts.
4. What should customers do with their existing gift cards?
Customers can redeem existing gift cards at the closing stores through February 14, 2026. After this date, the gift cards will no longer be accepted.
5. Will returns and exchanges be accepted during the closing sales?
Returns and exchanges for merchandise purchased before the closing sales will be accepted in accordance with the company’s usual policies. However, all merchandise purchased during the closing sales will be final sale, and no returns or exchanges will be accepted.
6. How is Saks Global supporting affected employees?
Saks Global is providing support to impacted workers, including transfer opportunities where available or severance and outplacement resources where applicable.
7. What is Saks Global’s plan for the future?
Saks Global’s restructuring efforts aim to position the company for long-term growth and value creation by realigning its business to better serve luxury customers and drive full-price selling across its core luxury businesses. The company has secured $1.75 billion in debtor-in-possession financing to support operations during the bankruptcy process.
| Feature | Details |
|---|---|
| Store Locations Closing | Arundel Mills Mall and Clarksburg Premium Outlets in Maryland |
| Number of Stores Remaining | 12 Saks OFF 5TH locations nationwide |
| Start of Closing Sales | January 31, 2026 |
| Gift Card Redemption Deadline | February 14, 2026 |
| Returns and Exchanges Policy | Accepted for purchases made before closing sales; final sale for purchases during closing sales |
| Employee Support | Transfer opportunities, severance, and outplacement resources |
| Restructuring Goal | Focus on core luxury businesses and eliminate debt |
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Author: STAFF HERE BALTIMORE WRITER
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