Saks Off 5th, the outlet chain of Hudson’s Bay subsidiary Saks Fifth Avenue, is closing all its European stores. The chain currently still has shops in The Netherlands and in Germany. Meanwhile, rumours say owner HBC is the next chain to leave the Netherlands.
Gone within two years
All Saks Off 5th stores (in Amsterdam, Bonn, Düsseldorf, Frankfurt, Heidelberg, Rotterdam, Stuttgart and Wiesbaden) have started a final clearance sale, offering discounts of up to 40%. Parent company Hudson's Bay Company posted on Facebook that it is closing all stores. The Canadian company previously announced it is closing twenty Saks Off 5th stores in the United States in a bid to drive down costs, streamline the business and improve general profitability. “The continued streamlining of our retail portfolio enables us to focus with even greater dedication on our businesses that have the strongest opportunities for growth”, CEO Helena Foulkes said at the time.
Even though Saks Off 5th made its entrance on the German and Dutch markets as recent as 2017, the stores will be closing end of June of this year. In Germany, the stores are to be converted into discount fashion outlets for brands owned by Sigma Holding, with formed on a joint venture with HBC last year. For now, there is no news as to what is to happen to the Dutch stores.