Wait. Let’s get one thing straight right now. If you’re looking for a Saks and Fifth Canada store to browse some Prada or grab a new pair of loafers, you’re about a year too late. Seriously. The landscape of Canadian luxury retail didn’t just shift; it basically imploded.
It’s weird to think about. For years, the massive Saks Fifth Avenue flagship at Queen and Yonge in Toronto was the crown jewel of the Hudson’s Bay Company’s (HBC) grand plan to save the department store. Now? It’s a ghost.
Honestly, the story of Saks and Fifth Canada is a bit of a tragedy, or maybe just a case study in bad timing. It started with so much hype in 2016. HBC’s then-chairman Richard Baker wanted to bring American glitz to the Great White North. But by early 2025, the whole Canadian operation—including the iconic Hudson’s Bay stores—went into a tailspin. We’re talking full-blown liquidation under the Companies’ Creditors Arrangement Act (CCAA).
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What actually happened to the stores?
By June 15, 2025, the doors were locked. Every single full-line Saks Fifth Avenue location in Canada—Toronto (Queen Street and Sherway Gardens) and Calgary (CF Chinook Centre)—ceased operations. They didn't just "downsize." They vanished.
It’s kinda wild when you look at the timeline.
- March 2025: HBC files for creditor protection.
- April 2025: Liquidation sales begin with discounts up to 30% at Saks.
- June 2025: Permanent closure.
If you go to those malls today in early 2026, you'll see empty shells or construction hoarding. The Sherway Gardens spot, once a temple of high fashion, is now just prime real estate waiting for a new tenant that isn't a department store. Because let's face it, the department store model is struggling everywhere, not just in Canada.
The Saks OFF 5TH situation
Now, some people get confused because they still see Saks OFF 5TH signs occasionally. Don't be fooled. While there were 13 of these discount outlets across the country, they were part of the same bankruptcy fire sale. Most of them shuttered by mid-2025.
Wait, though. There's a plot twist. While the Canadian stores died, the American parent company was busy doing something even more insane.
The Saks Global bankruptcy and the Neiman Marcus connection
You might have heard that "Saks" filed for bankruptcy in January 2026. This is where it gets confusing for us Canadians.
In the U.S., the brand lived on as part of a new conglomerate called Saks Global. This was a massive $2.65 billion merger between Saks Fifth Avenue and its longtime rival, Neiman Marcus. They even got backing from Amazon and Salesforce. It was supposed to be the "save luxury" move of the century.
But just days ago, on January 13, 2026, Saks Global filed for Chapter 11 bankruptcy in Texas.
Why does this matter for Canada? Basically, it confirms that the "Saks" name is in total survival mode. Even with Amazon’s money, the weight of nearly $2.65 billion in debt from buying Neiman Marcus was too much. If they can’t keep the lights on in Manhattan, they certainly aren’t coming back to Toronto or Vancouver anytime soon.
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Why did Saks and Fifth Canada fail?
People love to blame the "retail apocalypse," but it was more specific than that.
- The Eaton Centre problem: In Toronto, Saks was literally attached to The Bay. If The Bay was struggling (which it was), the foot traffic for luxury goods started to feel... off.
- Holt Renfrew: You can't talk about Canadian luxury without "Holts." They have a deep, emotional connection with Canadian shoppers. Saks felt like a shiny visitor, whereas Holts felt like home.
- The Price Gap: With the exchange rate and duties, buying at Saks in Canada often felt more expensive than a weekend trip to New York.
Where do you shop now?
So, if you’re a former Saks and Fifth Canada loyalist, what’s left?
Honestly, the options are slim. Holt Renfrew is the undisputed king now, mostly because there’s nobody else left in the ring. You’ve also got Nordstrom gone (they left even earlier), and The Bay is a shadow of its former self.
Most high-end shoppers have moved entirely to brand-specific boutiques. Instead of going to a department store to see five different brands, people are going to the standalone Gucci or Louis Vuitton stores on Bloor Street or in Yorkdale. It’s more personal. It’s more "boutique."
Actionable Insights for the Post-Saks Era
If you still have a Saks gift card or return credits from the Canadian stores, you are likely out of luck. The CCAA process usually wipes those out once the liquidation is finalized. However, here is what you can do:
- Check U.S. Compatibility: If you have a Saks First credit card issued in the U.S., it may still work at Saks.com or U.S. locations, but the Canadian-specific accounts are dead.
- The Secondhand Market: Since the 2025 liquidations, sites like Poshmark and RealReal have been flooded with "NWT" (New With Tags) items from Canadian Saks stores. It’s actually a great time to find deals if you know what to look for.
- Watch the Real Estate: Keep an eye on the old Queen Street location. There are rumors of it being converted into mixed-use residential and "micro-retail," which is the direction most of these giant spaces are heading.
The era of the "Mega Department Store" in Canada is over. Saks was the last great attempt to make it work, and it ended with a whisper in a courtroom. It’s a bit sad, but hey, that’s retail.
Next Steps for You:
If you’re trying to track down a specific designer that used to be exclusive to Saks in Canada, your best bet is to check the brand's official Canadian e-commerce site directly. Many brands like Celine and Saint Laurent have beefed up their direct-to-consumer shipping to Canada to fill the void left by the department store exits.