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Luxury retailer Saks Global has filed for bankruptcy and is preparing to reposition itself in an increasingly competitive high-end market after receiving about $1.75 billion in financing commitments.
The privately held New York-based company owns retailers Saks Fifth Avenue and Neiman Marcus The company has filed for Chapter 11 bankruptcy protection in the Southern District of Texas, a press release issued Wednesday said.
Chief Executive Marc Metrick resigned earlier this month as the company piles on debt from its $2.65 billion 2024 acquisition of Neiman Marcus. CEO Chief executive Richard Baker resigned from both roles earlier this week, with Geoffroy van Raemdonck taking over as chief executive.
The company also faces increasing competition as it tries to reduce its heavy debt load and its customers are reluctant to excessive price increases.
The company said it is “evaluating its operational footprint to invest resources in areas with the greatest long-term potential.”
Saks said it does not expect any disruption to its operations and will continue to meet its customer plans and pay suppliers and employees.
The company said some creditors have committed $1.5 billion in financing and lenders will provide $240 million in “incremental liquidity.”
Saks Fifth Avenue’s Canadian owner, Hudson’s Bay Co., spun off the luxury retailer’s e-commerce business, Saks.com, in 2021. After acquiring Neiman Marcus three years later, Saks Fifth Avenue changed its name to Saks Global.
Global luxury goods sales are expected to shrink for a second consecutive year in 2026 as consumers worried about the global economy cut back on spending, according to a study released in November by consultancy Bain & Co.
Canada’s oldest company, Hudson’s Bay, began liquidating all but six stores in March 2025.
