A national retailer recently filed for bankruptcy after reporting billions of dollars in debt. Now, its sister store is preparing to close its only location in Columbus.
Saks Fifth Avenue to Close Polaris Location
Saks Global Enterprises, the parent company of both Saks Fifth Avenue and its discount retailer Saks Off Fifth, reported $2.5 billion in debt stemming from its 2024 acquisition of Neiman Marcus. Earlier this month, Saks Off Fifth closed its Easton store.
The Saks Fifth Avenue store at 1500 Polaris Parkway will close this spring. According to a Workers Adjustment and Restraining Notification letter, all 41 employees at the location “will be separated from employment” between April 11 and April 30.
The closures extend beyond Columbus. Saks Global Enterprises plans to close eight additional Saks Fifth Avenue stores and 57 Saks Off 5th locations across the United States, focusing resources on “more profitable locations.” A closing sale is expected.
Frequently Asked Questions
What caused Saks Fifth Avenue to close its Polaris location?
The closure is part of a larger strategic action by Saks Global Enterprises to focus on “more profitable locations” after accumulating $2.5 billion in debt from its 2024 acquisition of Neiman Marcus.
How many Saks stores are closing in total?
Saks Global Enterprises is planning to close eight more Saks Fifth Avenue stores and 57 Saks Off 5th stores across the U.S., in addition to the Polaris location and the previously closed Easton Saks Off Fifth.
When will the Polaris Saks Fifth Avenue store officially close?
The store will close this spring, and all 41 employees will be separated from employment between April 11 and April 30.
As retailers adapt to evolving market conditions, what role will traditional department stores play in the future of consumer shopping?
