Saks had received initial pushback on its bankruptcy financing from brands such as Chanel, Dolce & Gabbana, LVMH, as well as landlords and Amazon.com, which had partnered with Saks on an online sales platform.
The closure is part of the parent company's bankruptcy, which was influenced by debt, inflation and declining foot traffic.Several other Saks Off 5th locations across New Jersey are also closing as the company reevaluates its store footprint.
In January, Saks Global — which owns Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — filed for bankruptcy protection, leaving many designers and brands unpaid for merchandise already shipped.