Saks Global Prepares for Bankruptcy After Missing $100 Million Debt Payment

Saks Global Enterprises, the parent company of luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is reportedly preparing to file for bankruptcy in the coming weeks after missing a debt payment exceeding $100 million. The interest payment was due on Tuesday, and the company is now in discussions with creditors to secure financing for the bankruptcy process.

The company has been facing challenges in reviving demand in the U.S. market, as rising inflation and a weakening labor market have led to reduced discretionary spending on luxury items. Over the past year, Saks Global has explored various options to alleviate its financial burdens, including attempting to sell a minority stake in Bergdorf Goodman and liquidating assets such as a Beverly Hills property.

In August 2025, the company completed a debt restructuring that involved approximately $600 million in new funding and an exchange of its $2.2 billion senior secured notes.

Saks Global was formed in July 2024 following Hudson's Bay Company's $2.65 billion acquisition of Neiman Marcus. This consolidation aimed to enhance competitiveness against other department store operators like Nordstrom, Bloomingdale's, and Macy's. The acquisition was financed by new investors, including Amazon, Authentic Brands Group, and Salesforce, along with $2.2 billion in senior secured notes and an asset-based credit facility.

As of now, Saks Global has not publicly commented on the reported bankruptcy preparations.