Saks Offloads Its Gulfstream Jet in Push to Shrink in Bankruptcy

Saks Global Enterprises won court approval to sell its Gulfstream jet that executives used for business and personal travel, as the bankrupt luxury retailer slashes debt and operating expenses.

Jones Aviations LLC, based in Lexington, Massachusetts, has agreed to pay $6 million for the jet. Built in 2003, the jet is the latest asset to be sold by Saks as it refocuses on the high-end shoppers the chain has always cultivated. Earlier this year, the company began closing dozens of its discount stores, known as Saks Off 5th and Last Call.