Saks Global Reportedly Considers Filing Chapter 11 Bankruptcy

(RTTNews) - Saks Global is considering filing for Chapter 11 bankruptcy as it is struggling to secure up to $1 billion in debtor-in-possession financing to keep operating, according to a Bloomberg News report, citing people familiar with the matter.

The retailer, which owns Neiman Marcus and Bergdorf Goodman and operates more than 70 full-line stores and about 100 off-price locations, is already in talks with liquidators over some store closures, the report added.

Saks' financial strain has intensified since its debt-heavy $2.7 billion acquisition of Neiman Marcus in 2024. Late payments to vendors have disrupted inventory, while a broader slowdown in luxury spending has weighed on sales, undermining the turnaround the merger was meant to deliver.