The Hunt is Over: Saks OFF 5TH, Neiman Marcus Last Call Shutter Stores in Bankruptcy Liquidation
The ritual is familiar to millions: sifting through racks in search of that one spectacular find, a designer item priced at a fraction of its retail cost. It’s a feeling of victory, of outsmarting the system. But for devotees of high-end discount chains, the hunting grounds are rapidly shrinking.
In a significant restructuring move under its Chapter 11 bankruptcy, Saks Global announced it will close 57 of its 69 Saks OFF 5TH brick-and-mortar locations and all five remaining Neiman Marcus Last Call stores. The decision signals a dramatic retreat from the physical off-price luxury market, following the court-approved liquidation of the separate Saks OFF 5TH Digital platform's inventory.
"Following a thorough review of its off-price business, Saks Global made the strategic decision to close the majority of Saks OFF 5TH retail locations and the remaining Last Call stores," the company stated. Closing sales with significant markdowns are set to begin on January 31.
This move strips the market of key players that specialized in clearance merchandise from their full-price parent stores—Saks Fifth Avenue and Neiman Marcus—offering a tier of luxury generally above that found at chains like TJMaxx or Marshalls.
The Psychology of the Hunt
Consumer psychologists point to a primal drive behind bargain shopping. "What you’re really hunting for is the thrill of a bargain," says Dr. Kit Yarrow, consumer psychologist at Golden Gate University. "It's that feeling of being a successful, competitive shopper—scoring a big victory."
This thrill triggers a dopamine response, reinforcing the behavior. Dr. Karen Fernandez of the University of Auckland Business School links it to evolutionary hunter-gatherer instincts: "People want novelty. They like the fact they can hunt and find a bargain maybe somebody else hasn’t found."
A 2025 Berkeley research report, "The Joy of Shopping: Thrill of the Hunt," supports this, noting the inherent joy in the pursuit itself, a pattern seen "throughout human history, whether in romantic pursuits, pirate adventures, or English fox hunts."
Industry Impact and Analyst Reaction
The closures reflect the intense pressure on the off-price segment, squeezed between rising operational costs and a consumer increasingly conditioned to hunt for deals entirely online. The liquidation of the digital platform's assets, handled by GA Retail Solutions LLC under a recent bankruptcy court order, underscores the challenges of sustaining a separate e-commerce model in this space.
Voices from the Aisle
We spoke to several shoppers about what they'll miss:
"It's a real loss," says Michael R., a 42-year-old finance manager from Chicago. "Last Call was my go-to for interview suits without the guilt. The online experience just doesn't replicate the 'find.' It's about the serendipity."
David Chen, a retail analyst at Mercato Group, offers a cooler perspective: "This is a necessary consolidation. The physical off-price model for luxury goods has been struggling with margin compression for years. Saks Global is pruning to survive, focusing resources on its core full-price banners and a more streamlined digital strategy."
"This is corporate America killing a small joy," fires Sarah Jenkins, a teacher and avid shopper from Austin. "They fostered this 'treasure hunt' culture for decades, profited from our dopamine hits, and now they're just pulling the rug out? It's cynical. It feels like they're saying our cherished Saturday ritual is no longer profitable enough for them."
For many, the news is a reminder of a personal triumph that now lives only in memory—like the Ralph Lauren suit found for more than half off, a trophy of a successful hunt that, for the purchaser, was never really about the suit at all.
This story is based on a report originally published by TheStreet. A list of closing store locations is available on the company's website.