Saks Global, the parent company of iconic luxury brands Saks Fifth Avenue and Neiman Marcus, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas as it seeks to restructure under heavy debt pressure.
The move comes amid ongoing financial challenges tied to the company’s 2024 acquisition of Neiman Marcus and a broader slowdown in the luxury retail market.
The New York-based private company secured about $1.75 billion in financing commitments to support Chapter 11 proceedings, including funding from senior secured creditors and additional liquidity from lenders.
While stores and e-commerce operations across its luxury retail portfolio are expected to remain open during the process, Saks Global faces the complex task of reorganizing its business and negotiating with creditors, with assets and liabilities estimated between $1 billion and $10 billion.
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