economy

January 14, 2026

Saks Global files for bankruptcy after takeover leads to financial collapse

Debt-riddled retail giant’s demise has cast uncertainty over the future of US luxury fashion

Saks Global files for bankruptcy after takeover leads to financial collapse

TL;DR

  • Saks Global filed for Chapter 11 bankruptcy protection after missing a $100m interest payment.
  • The company secured a $1.75bn financing package to support its restructuring.
  • Geoffroy van Raemdonck has been appointed as the new CEO, replacing Richard Baker.
  • Stores are expected to remain open during the bankruptcy process.
  • Key luxury brands like Chanel, Gucci, and LVMH are listed as unsecured creditors.
  • The bankruptcy follows a year after the merger of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus under Saks Global.
  • Saks Global faces challenges including vendor payment issues, declining revenue, and increased online competition.

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