PULSE POINTS
WHAT HAPPENED: Saks Global—the parent company of Saks Fifth Avenue (an over 100-year-old retail icon), Neiman Marcus, and Bergdorf Goodman—has filed for bankruptcy.
WHO WAS INVOLVED: Saks Global, Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks Global CEO Geoffroy van Raemdonck.
WHEN & WHERE: The bankruptcy filing was made late Tuesday, January 13, 2026.
KEY QUOTE: “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.” — Geoffroy van Raemdonck
IMPACT: The next year will be critical for Saks Global and luxury retail properties. If it is unable to renegotiate with vendors or find a way to restructure its debt in a manageable way, one of America’s most iconic department stores could meet its end after 100 years.
IN FULL
The parent company of some of the United States’s largest luxury department stores has filed for bankruptcy, putting into limbo the future of retail properties like Saks Fifth Avenue (an over 100-year-old retail icon), Neiman Marcus, and Bergdorf Goodman. Late Tuesday, Saks Global filed for bankruptcy, citing mounting debt and a decline in certain sectors of retail sales.
Saks’s fall tracks the fates of a number of America’s once-stalwart luxury brand retailers. However, Saks Global stresses that it believes an estimated $1.75 billion in financing—primarily from bondholders—that it has secured will allow it to emerge from bankruptcy relatively unscathed.
“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,” said Geoffroy van Raemdonck, who is returning from Neiman Marcus as Saks Global’s CEO to oversee the bankruptcy and restructuring. Notably, the company has faced mounting competition from direct sales by luxury brands, U.S. e-commerce giants such as Amazon and eBay, as well as Chinese affordable ‘fast fashion’ online retailers like Shein and Temu.
Mounting competition, coupled with years of a sluggish economy and high inflation beginning with the former Biden government, saw radical shifts in consumer behavior. At the time, Saks Global was unable to adjust.
Another serious problem facing Saks Global was its attempt to consolidate Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman into a single, giant luxury store brand. To do this, Saks Global took on around $2 billion in debt, which ultimately proved an insurmountable fiscal burden for the company.
The next year will be critical for Saks Global and luxury retail properties. If it is unable to renegotiate with vendors or find a way to restructure its debt in a manageable way, one of America’s most iconic department stores could meet its end after 100 years.
Image by Kidfly182.
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The post Saks, Bergdorf, and Neiman Marcus Owner File for Bankruptcy. appeared first on The National Pulse.
