EconomyFinancialSanborns says goodbye to Saks Fifth Avenue and will...

Sanborns says goodbye to Saks Fifth Avenue and will close its store in Santa Fe

Grupo Sanborns says goodbye to Saks Fifth Avenue, which operated in Mexico, which will lead to the closure of the luxury brand's store that was located in Plaza Santa Fe , in Mexico City.

"Grupo Sanborns decided not to renew the contract with Saks Fifth Avenue, so the store in Plaza Santa Fe will end operations. Regarding the future of that unit, options are being analyzed that will be announced later," the company said in a statement. sent to Expansion .

The closure of this unit is added to that of the store that was located on Masaryk Street, in Polanco, also in the country's capital, which lowered the curtain in October 2020, when several stores closed their doors to avoid COVID infections. -19.

Slim's retail group, which also includes Sears , Sanborns Café , Dax stores and iShop Mixup stores, signed a contract for the use of Saks Fifth Avenue brands in 2016.

The closure of this store is not the only one carried out by Grupo Sanborns, which seeks to improve its operations and has closed unprofitable units of other brands, such as Sanborns Café , as a result of the pandemic.

This news comes while Carlos Slim's company is preparing a Public Acquisition Offer (OPA), as a first step to exit the Mexican Stock Exchange (BMV).

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