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Saks Global files for Bankruptcy

Saks Fifth Avenue’s parent company filed for bankruptcy amid struggles with debt from acquiring Neiman Marcus, declining department store sales, and increased competition from online retailers. This marks one of the largest retail failures following the Covid pandemic, raising concerns about the future of the luxury fashion industry.

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A storefront display featuring the words 'SAKS BANKRUPTCY' in large white letters, surrounded by floral arrangements and elegant chandeliers in the background.

Jan. 14, 2026, 2:08 AM EST / Updated Jan. 14, 2026, 2:11 AM EST

By Josh Cradduck and Reuters

The company that owns the iconic luxury retailer Saks Fifth Avenue filed for bankruptcy late Tuesday.

The move comes after Saks Global struggled with debt it took on to buy rival Neiman Marcus, lagging department store sales and a rising online market.

It’s one of the largest retail collapses since the Covid pandemic, and casts further doubt over the future of luxury fashion.

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