Weather

66°F4:10 AM

Business

1 read

Saks to Close Most Off 5th and Last Call Stores Amid Bankruptcy

KVIA•Friday, January 30, 2026 at 12:01 AM•CNN Newsource

City skyline representing business and economy news

Want the full story?

Read the complete article at KVIA

AI Summary

Saks Global has announced the closure of nearly 60 Off 5th stores and five Last Call locations as part of a strategic shift towards luxury retail, following its bankruptcy declaration earlier this month. Only about a dozen Off 5th stores will remain open, serving primarily as outlets for leftover inventory from Saks Fifth Avenue and Neiman Marcus. This decision comes amidst declining consumer confidence in luxury goods and a growing trend of shoppers purchasing directly from brands, putting additional pressure on Saks Global's financial situation. Liquidation sales are set to begin on January 31 for select Off 5th locations and all Last Call stores, with online sales starting January 30. Existing gift cards will only be valid until February 14 for physical stores and February 13 for online purchases.

Key Details: • Liquidation sales start January 31 at selected Off 5th and all Last Call stores. • Online liquidation sales begin January 30 on the Saks Off 5th website. • Gift cards valid until February 14 in-store and February 13 online.

closures business retail luxury bankruptcy

People & Organizations

Saks GlobalNeiman MarcusBergdorf GoodmanSaks Fifth Avenue

Related Articles

China's Electric Vehicle Market Poised for Growth Amid Global Oil Crisis

The recent surge in oil prices, driven by geopolitical tensions in the Middle East, is creating a favorable environment for China's electric vehicle (EV) manufacturers. As crude oil reached $119 a barrel, the demand for electric cars is expected to rise, particularly in Asian markets struggling with fuel shortages. Analysts predict that the crisis could accelerate the adoption of EVs, which already account for 50% of new car sales in China. However, while this may boost domestic sales, many Chinese brands still face challenges in international markets, especially in the U.S., where tariffs limit their entry. The situation underscores the ongoing transition towards renewable energy and the need for countries to reduce dependency on fossil fuels.

OpenAI Shuts Down Sora Video App to Focus on New Priorities

OpenAI has announced the closure of its Sora video generation app, launched just months ago, to redirect its focus towards other priorities. The decision comes as the company faces increasing computational demands and seeks to streamline its product offerings. Sora, which briefly topped the iPhone App Store after its September 2025 launch, faced criticism over copyright issues and concerns regarding misinformation. OpenAI's partnership with Disney, which allowed the use of Disney characters in user-generated videos, is also reportedly not progressing due to this strategic shift. The company is now exploring ways to support user content export and preservation from Sora.

OpenAI Discontinues Sora Video App to Shift Focus to Business Solutions

OpenAI has announced the closure of its Sora video generation app, which launched in September 2023, due to high operational costs and a strategic shift towards business-oriented products. The app, which gained popularity quickly, faced criticism over copyright issues and misinformation concerns. Following a partnership with Disney for character integration, the deal has now been put on hold as OpenAI refocuses its efforts. The company is looking into ways to help users export their content from Sora before its shutdown, reflecting its commitment to user rights amidst changing priorities.

Epic Games Cuts 1,000 Jobs Amid Declining Fortnite Popularity

Epic Games, the publisher of Fortnite, announced on March 24, 2026, that it will lay off 1,000 employees, which represents about 20% of its workforce. This decision is driven by a combination of industry-wide challenges, including a slowdown in growth and competition from social media, as well as company-specific issues like ongoing legal battles with Apple and Google regarding app store payments. CEO Tim Sweeney emphasized that while the company has faced challenges before, the current market conditions are unprecedented. Following these layoffs, Epic will have approximately 4,000 employees, marking a significant reduction since the previous layoffs in 2023.