Saks Global, the longtime leader of luxury department stores, files for bankruptcy protection [View all]

[mahatmakanejeeves]

Source: CNBC

Retail
Saks Global, the longtime leader of luxury department stores, files for bankruptcy protection

Published Wed, Jan 14 2026 3:34 AM EST
Updated 4 Hours Ago

Gabrielle Fonrouge
@fonrougegab
@in/gabrielle-fonrouge

KEY POINTS
* Saks Global, the parent company behind Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for bankruptcy protection.
* The company has been running out of cash and struggling to pay its bills since its acquisition of Neiman Marcus for $2.7 billion in 2024.
* Saks had struggled to line up bankruptcy financing because some investors were concerned the company won't be able to successfully reorganize, CNBC previously reported.


Shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City, U.S., Jan. 6, 2026.
Angelina Katsanis Reuters

Saks Global, the parent company behind the 159-year-old department store that's become both a destination and a symbol for luxury fashion, filed for bankruptcy protection after running out of cash and failing to find investors willing to finance its business. ... Crucially, the retailer filed for Chapter 11, which will give it the chance to reorganize its business, clear through its debts and potentially find a buyer willing to take it on as a going concern.

The company announced Wednesday that former Neiman Marcus CEO Geoffroy van Raemdonck will immediately take over as chief executive, replacing Richard Baker, who had been in the job for just two weeks. ... Saks also announced it had secured a financing commitment of around $1.75 billion in a bid to strengthen its balance sheet.

As recently as last week, Saks was having trouble lining up as much as $1 billion in financing for a so-called debtor-in-possession loan, which provides the funds to keep a business running during Chapter 11 proceedings, CNBC previously reported. If Saks hadn't lined up the DIP loan, it made a Chapter 7 liquidation filing more likely.

A bankruptcy filing for Saks Global has been seen as inevitable for weeks after the company missed an interest payment to bondholders late last month. What is still unclear is what will happen to the company and the nearly 200 doors under its umbrella across Saks' namesake stores and its off-price chain, along with Neiman Marcus and Bergdorf Goodman.

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Read more: https://www.cnbc.com/amp/2026/01/14/saks-global-files-for-bankruptcy-protection.html

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Hat tip, Joe.My.God.

https://www.joemygod.com/2026/01/luxury-retail-group-saks-global-files-for-bankruptcy/