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January 15, 2026

Luxury retailer Saks seeks bankruptcy protection

  • The private company said that stores will remain open as it restructures company debt.
    • By ANNE D'INNOCENZIO and ELAINE KURTENBACH
    The Associated Press

    The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.

    Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.


     
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