Saks Will Close Most OFF 5th Stores With Big Clearance Sales

The parent company of Saks OFF 5th will start to close nearly three dozen of the discounter’s stores on Saturday, the company’s first big move as it aims to slash costs and emerge from bankruptcy proceedings as a profitable company.

Saks Global Enterprises is also shuttering five stores from its Last Call chain. The bankrupt department store operator will focus instead on its luxury offerings at Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman chains, the company said in a statement.