Global Scissors announced that most of its Saks OFF 5TH locations across the U.S. will now close, just weeks after filing for bankruptcy.

The luxury retailer said 23 of its Saks OFF 5TH stores will cease operations on Monday, February 2, while another 34 will remain open. close of sales starting this weekend. Only 12 locations in New York, Florida, New Jersey, Georgia, California and Texas will remain open.

“As we move forward in the transformation of Saks Global, we are taking decisive steps to reorient our business to better serve our luxury customers and drive full-price sales in our core luxury businesses,” Geoffroy van Raemdonck, CEO of Saks Global. said in a statement Thursday “With these actions, we will be well positioned to take advantage of the best opportunities for long-term growth and value creation.”

The company said the remaining Saks OFF 5TH stores “will primarily serve as a sales channel for the residual inventory of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.”

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People walk with their purchases in front of the Saks OFF 5TH store at Woodbury Common Premium Outlets Mall on October 2017 in Central Valley, NY (Gary Hershorn/Getty Images/Getty Images)

“Subject to certain approvals in the Chapter 11 process, the company will begin closing sales at certain Saks OFF 5TH stores and all remaining (Nieman Marcus) Last Call stores beginning Saturday, January 31,” it also said. “Additionally, saksoff5th.com, which is a separate legal entity from Saks Global, has determined that it will begin a liquidation of its operations, with an online closing sale beginning Friday, January 30.”

Saks’ parent company, Saks Global Enterprises, filed for Chapter 11 bankruptcy protection in mid-January in the U.S. Bankruptcy Court for the Southern District of Texas after missing a $100 million interest payment in December, adding to mounting debt obligations.

Following the filing, Saks Global announced that it secured a financing commitment of approximately $1.75 billion, backed by secured bondholders and asset-based lenders, to support operations during the restructuring.

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A Saks OFF 5TH location in West Palm Beach, Florida. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images/Getty Images)

The bankruptcy filing comes about a year after Canadian conglomerate Hudson’s Bay Co., which has owned Saks since 2013, completed its roughly $2.7 billion acquisition of Neiman Marcus Group in December 2024 to build a larger luxury retail platform under the newly created Saks Global Enterprises brand.

Saks Fifth Avenue’s parent company acquired ownership of Neiman Marcus and Bergdorf Goodman and divested itself of its U.S. luxury assets.

A display at the Saks OFF 5TH store in West Palm Beach, Florida. (Jeff Greenberg/Education Images/Universal Images Group via Getty Images/Getty Images)

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However, to finance the acquisition, Saks took on about $2.2 billion in debt.

FOX Business’s Daniella Genovese, Ashley Carnahan and Reuters contributed to this report.