Saks Global files for bankruptcy after Neiman Marcus deal strain

Luxury retail group Saks Global filed for Chapter 11 bankruptcy protection in January 2026, undone in large part by the financial strain of its own $2.7 billion acquisition of Neiman Marcus. The company, which controls Saks Fifth Avenue, discount chain Saks Off 5th and Neiman Marcus itself, entered bankruptcy with about $1.75 billion in committed financing to keep operations running through the restructuring.

The filing had been the subject of speculation for months as vendors grew increasingly wary of the group’s mounting liquidity pressure. In the weeks that followed, Saks Global announced the closure of most of its off-price business, and Authentic Brands Group, which held a stake in the entity controlling Saks’ intellectual property license, saw its position complicated by the proceedings. The case became one of the most closely watched retail bankruptcies of the year.