Saks OFF 5TH — once a staple of discount luxury shopping — is now winding down nearly all of its operations, launching massive liquidation sales online and closing stores nationwide as its parent company navigates a Chapter 11 bankruptcy restructuring.

This marks a significant shift in the landscape of American discount luxury retail, with local and national consequences.

Saks OFF 5TH has launched a major online liquidation sale, with discounts up to 80 percent off across fashion, accessories and more — but these deals are final sale and tied to the ongoing wind-down of the business.

Read more: Luxury discount chain closes ‘majority’ of stores, including in Mass.

Last month, Saks Global, the newly formed parent company of Saks OFF 5TH, announced plans to shutter 57 of its 69 locations nationwide.

Parent company Saks Global filed for Chapter 11 bankruptcy in mid‑January, citing heavy debt and the need to refocus on core luxury brands such as Neiman Marcus and Bergdorf Goodman.

The majority of Saks OFF 5TH brick‑and‑mortar stores are closing, with only about 12 locations nationwide remaining open as clearance hubs.

In Massachusetts, the scale‑back is dramatic.

Both Saks OFF 5TH stores — at Assembly Row in Somerville and Wrentham Village Premium Outlets — launched going out of business sales starting Jan. 31.

Additionally, the Neiman Marcus store at Copley Place in Boston is set to close permanently by the end of April, part of a separate round of department store closures under the Saks Global restructuring.

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