Saks Off 5th will close up to 20 stores after a strategic review of the company’s 133 stores.
Saks parent Hudson Bay Company announced Thursday that it plans to shutter its Home Outfitters business in Canada and close up to 20 of the Saks Off 5th stores as part of a strategic plan to reduce costs and improve profitability.
Closing the Saks Off 5th stores will give the company more resources to focus on its best locations and e-commerce business on saksoff5th.com, the company said in a statement.
Saks Off 5th has a store at the Cincinnati Premium Outlets.
“Further streamlining our retail portfolio enables even greater focus on our businesses with the strongest growth opportunities,” said Helena Foulkes, HBC’s CEO. “We know this news is difficult for our associates. We are grateful for their ongoing efforts to serve our customers and we will work to find opportunities within HBC for impacted team members where possible.”
FIVE FAST READS