Saks Global plans Chapter 11 bankruptcy filing: Report

Business Jan 09, 2026

Saks Global—the company behind New York's famous Saks Fifth Avenue—is reportedly gearing up for Chapter 11 bankruptcy after missing a $100 million interest payment in December.
They're now hoping to restructure with court oversight and are talking with creditors about how to move forward.

What went wrong, and what's next?

Things got tough for Saks Global after they merged with Neiman Marcus in 2024, which left them with a lot of debt just as luxury sales started slowing down.
Their revenue dropped 13% year-over-year, hitting $1.6 billion in Q2 2025.
To keep the lights on during bankruptcy, they're working on a $1.25 billion financing deal—mostly new funds—to pay vendors and keep business running while they try to sort things out.