You’ve probably seen the headlines or heard the whispers while browsing for a discounted pair of Stuart Weitzmans. It’s been a wild ride for luxury retail lately. If you’re wondering if your local Saks Off 5th open sign is still swinging, the answer isn’t a simple yes or no. It’s more of a "yes, but with a side of legal paperwork."
Actually, as of mid-January 2026, Saks Global—the massive umbrella company that now owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman—has officially filed for Chapter 11 bankruptcy. Before you panic and think the stores are vanishing overnight, breathe. They aren’t.
Is Saks Off 5th open right now?
Yes. Despite the bankruptcy filings that hit the news on January 14, 2026, the company was very clear: stores are staying open. They secured $1.75 billion in new financing specifically to keep the lights on and the racks stocked while they figure out their debts.
If you walk into a store today, you’ll likely see the same 10 AM to 8 PM hours (give or take depending on your mall's schedule). The websites are still processing orders. Your rewards points aren't dead. But there is a massive "optimization" plan happening in the background that affects exactly where these stores stay open.
The 2026 Closure List: Where the doors are locking
While most of the 70+ locations are sticking around, nine specific stores are slated for closure in early 2026. This isn't a random move. It’s part of a strategy to dump expensive leases and focus on "high-performing" hubs. Basically, they're cutting the dead weight to save the ship.
The locations currently on the chopping block include:
- Chicago, IL (6 State St)
- Austin, TX (Research Blvd)
- Washington, DC (District Center)
- East Hanover, NJ
- Philadelphia Mills, PA
- Pittsburgh North, PA (The Block Northway)
- Plymouth Meeting, PA
- Niagara Falls, NY
- West Hartford, CT
If you shop at these spots, you might notice "Store Closing" signs or deeper-than-usual clearance as they try to empty the floor. The New York City flagship on East 57th Street already went dark late last year, which was honestly a huge shock to the system for Manhattan bargain hunters.
Why this is happening (The "Saks Global" Mess)
You might remember back in 2024 when Saks bought Neiman Marcus for $2.7 billion. It was supposed to be this "luxury empire" move. Instead, it became a debt trap. The company, led by Richard Baker and now new CEO Geoffroy van Raemdonck, took on way too much water.
They also had a major fallout with vendors. Brands like Gucci, Prada, and Chanel—who are owed millions—actually stopped shipping new products for a while because they weren't getting paid. This led to "thin racks" where you'd walk in and find nothing but leftover inventory from three seasons ago.
Will the inventory get better?
With the new $1.75 billion cash infusion, the hope is that vendors will start shipping again. If you've felt like the Saks Off 5th open locations have been a bit "deserted" lately in terms of fresh styles, that should theoretically change by spring 2026.
What about your gift cards and returns?
This is the part that usually freaks people out during a bankruptcy. For now, gift cards are being honored. Returns are being processed according to the standard policy.
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However, retail experts like Rania Sedhom have pointed out that in a Chapter 11 case, the "bankruptcy trustee" eventually has a lot of say. If things get worse, those gift cards could become harder to use. If you have a $500 credit burning a hole in your pocket, honestly? Use it now. Don't wait for the "grand restructuring" to finish.
Shopping strategy for 2026
If you’re looking to score, the next few months will be weird but potentially lucrative. The "aspirational shopper"—basically most of us who want luxury but don't want to pay $2,000 for a bag—has pulled back because of the economy. This means Saks Off 5th is sitting on a lot of "old" luxury that they need to move fast.
- Check the "Extra Cut" sections: They’ve been pushing clearance up to 85% off lately.
- Watch the closing stores: If you live near the Austin or Chicago locations mentioned above, the liquidations will be aggressive.
- Check the App: Often, the online inventory is refreshed faster than the physical stores right now because they're centralizing their stock.
Practical Next Steps for Shoppers
If you want to make sure you aren't left holding the bag (literally), here’s what you should do:
- Check the Store Locator: Before driving out, check the official Saks Off 5th site. The "permanently closed" updates happen there first.
- Burn your Gift Cards: Aim to spend any outstanding balances by the end of February 2026.
- Verify Return Windows: If you buy something at a store marked for closure, double-check if it's "Final Sale." Usually, once the liquidation starts, the 30-day return policy goes out the window.
- Monitor the "Saks Global" News: The company expects to emerge from bankruptcy later this year. If they don't, that's when you should really worry about the remaining stores.
The Saks Off 5th open status is stable for most of the country, but the "luxury outlet" experience is definitely shrinking. It’s less about having a store in every mall and more about keeping the digital business alive while maintaining a few "jewel" locations. Keep your receipts, spend your credits, and keep an eye on those clearance racks.