Saks Global Files for Bankruptcy
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Saks Global, the luxury retail chain, filed for Chapter 11 bankruptcy protection late Tuesday, January 13, 2026. This marks one of the largest retail collapses as the pandemic, coming less than a year after a similar filing by Saks Fifth Avenue and Bergdorf Goodman.
Background
Saks Global operates luxury department stores and e-commerce platforms. The company struggled with declining sales, increased competition from online retailers, and a heavy debt load. According to court filings in the U.S.Bankruptcy Court for the southern District of New york (Case Number 26-10045), saks Global listed both assets and liabilities in the range of $500 million to $1 billion. The filing aims to restructure approximately $800 million in debt.
Recent Developments
In July 2024, the Hudson’s bay Company (HBC) sold Saks Fifth Avenue to Brookfield Asset Management and Rhône Capital. This sale was intended to separate the luxury department store from HBC’s other holdings, but Saks Global, which operates independently, continued to face financial challenges. The bankruptcy filing does not include Saks Fifth Avenue or bergdorf Goodman, which are now operated under separate ownership.
impact and Future Outlook
Saks Global intends to continue operating its stores and online platforms during the restructuring process. The company has secured $250 million in debtor-in-possession (DIP) financing from existing lenders to support its operations.According to a statement released by Saks Global CEO, Mark Cohen, the restructuring will allow the company to “streamline operations, reduce debt, and invest in its future growth.” The company anticipates emerging from bankruptcy within six to nine months.
Sources:
- Saks Global Official Website
- Origo.hu – Report on saks Fifth Avenue Sale (July 2024)
- U.S. Bankruptcy Court for the Southern District of New York – Case 26-10045
