Saks Off 5th to Close 20 Stores

Hudson’s Bay Co. (Toronto) is downsizing its retail portfolio with a number of closures across two of its banners.

The company announced it is performing a “fleet review” of its Saks Off 5th banner and estimates it will result in the closure of about 20 stores. No further details were available as to which stores were affected or when their closure is anticipated to go into effect.

The company recently decided to shutter its entire Home Outfitters chain, which operates 37 stores throughout Canada. All of the Home Outfitters stores are expected to close this year.

According to Chain Store Age, the move follows other efforts by the company to streamline its business, including the recently completed sale of its iconic Lord & Taylor flagship on Fifth Avenue in New York to New York-based WeWork.