Luxury retail giant Saks Global has filed for Chapter 11 bankruptcy in a Texas court, signaling one of the largest retail collapses in recent U.S. history. The company, which oversees brands such as Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, cited mounting debt and financial pressure as key reasons for the move.
Saks Global has arranged approximately $1.75 billion in financing to maintain operations during the bankruptcy process. Officials emphasized that stores and online sales will continue running while the company restructures its finances.
The bankruptcy comes after a major merger of several luxury brands, intended to strengthen Saks Global’s position in the high-end retail market. However, the combined debt from these acquisitions, declining luxury sales, and rising operational costs created significant financial strain.
Leadership changes have also accompanied the filing, with Geoffroy van Raemdonck, former Neiman Marcus executive, stepping in as CEO to guide the company through the restructuring.
Saks Global plans to use the bankruptcy proceedings to reorganize its operations, safeguard jobs, honor commitments to customers, and emerge as a financially stronger company later in 2026.
Saks Global Files for Bankruptcy Amid Financial Struggles
By Media Team
