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Saks Global Files for Bankruptcy After Monthslong Hunt for Cash

The Chapter 11 filing comes just over a year after the retailer acquired Neiman Marcus and Bergdorf Goodman. The combined company struggled almost from the start amid sinking sales and fraught relations with vendors and creditors.
Combined, Saks Fifth Avenue and Neiman Marcus accumulated $4.7 billion in total debt as of the second quarter of 2025.
Combined, Saks Fifth Avenue and Neiman Marcus accumulated $4.7 billion in total debt as of the second quarter of 2025. (Getty Images)

Saks Global

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Further Reading

Can the Multibrand Fiasco Be Salvaged in 2026?

Matches is plotting yet another reboot, Ssense has a restructuring lifeline and an interest payment looms for Saks. Together, they signal an industry in crisis, but hope springs eternal.

Saks Wanted to Clear the Air With Brands. The Plan Backfired.

Relations between Saks Global and many of the 2,000-odd brands stocked in its department stores appear to be worse than ever after the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman sent a letter this week setting new payment terms.

About the author
Cathaleen Chen
Cathaleen Chen

Cathaleen Chen is Retail Editor at The Business of Fashion. She is based in New York and drives BoF’s coverage of the retail and direct-to-consumer sectors.

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