Amid its bankruptcy, Saks Global is closing one of its luxury Saks Fifth Avenue stores — at the high-end wing in the American Dream mall, the company announced on Feb. 10.
Saks Global’s announcement comes a year after it bought out rival chain Neiman Marcus in a move that saddled Saks with $2 billion in debt.
Court filings also cited inflation, tariff-related uncertainty with potential lenders and a decline in foot traffic as reasons for the financial struggles and ensuing bankruptcy.
…
Saks closed three of its discount stores — known as Saks Off 5th — in New Jersey on Jan. 31, plus 31 others across the United States, then 23 additional stores on Feb. 2.
These are the three New Jersey locations that are closing, according to the company’s website:
Chimney Rock, Bridgewater
Shrewsbury Plaza, Shrewsbury
The Mills at Jersey Gardens, Elizabeth
The Saks Off 5th closures meant 69 employees in New Jersey lost their jobs.
New York-based A&G Real Estate Partners is auctioning off the leases for those three locations, among 54 across 19 states.
“These larger spaces are a strong fit for expanding brands in categories like footwear, sporting goods and off-price fashion and accessories,” A&G Co-President Emilio Amendola said in a Feb. 5 statement.
All three are in “strong affluent market areas,” said James Hughes, a professor of urban planning and policy development at Rutgers University in New Brunswick.
“So all locations have high market potential for repurposing — demonstrated strong consumer purchasing power,” Hughes wrote in an email.