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Saks Global Files for Bankruptcy Amid Luxury Retail Decline

1/13/2026

Summary

Story summary

Saks Global faces Chapter 11 bankruptcy filing, potentially by Tuesday, due to debt after its 2024 merger with Neiman Marcus.
Saks Global seeks a $1.25 billion debtor-in-possession loan to fund operations during bankruptcy.
Saks has posted a 13% revenue drop and missed $100 million interest payment, prompting vendors to withdraw merchandise.
The luxury retail sector has declined for over 20 years, with Macy's and other department stores also facing closures.

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Story summary

Saks Global faces Chapter 11 bankruptcy filing, potentially by Tuesday, due to debt after its 2024 merger with Neiman Marcus.
Saks Global seeks a $1.25 billion debtor-in-possession loan to fund operations during bankruptcy.
Saks has posted a 13% revenue drop and missed $100 million interest payment, prompting vendors to withdraw merchandise.
The luxury retail sector has declined for over 20 years, with Macy's and other department stores also facing closures.