Business
The Assembly Row and Wrentham locations will shutter permanently as parent company Saks Global files for bankruptcy.
Saks OFF 5th is closing its Assembly Row store in Somerville and its outlet in Wrentham as its parent company, Saks Global, files for bankruptcy.
On Thursday, the company announced it will shutter most of its Saks OFF 5th locations and all remaining Last Call stores, shifting its focus to luxury retail and full-price operations.
The company began closing sales at certain Saks OFF 5th stores starting Saturday.
Only a dozen Saks OFF 5th stores will remain open as a tool to sell residual inventory from Saks Fifth Avenue, Neiman Marcus, and Bergdofrt Goodman.
Saks Global will no longer purchase merchandise directly for Saks OFF 5th.
The most recent closures will not impact the Saks Fifth Avenue in the Prudential Center.
Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5th, Last Call, and Horchow.
The announcement of the discount store closures comes just weeks after the company filed for bankruptcy. The AP reported that the bankruptcy followed rising competition and the heavy debt it took on to buy its luxury rival, Neiman Marcus, a little over a year ago.
The New York-based Saks Global secured $1.75 billion in financing to keep operations going as it restructures its company debt.
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Beth Treffeisen
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