Saks Global, which took on significant debt when it acquired Neiman Marcus in 2024, filed for Chapter 11 bankruptcy in the Southern District of Texas on Tuesday.

Luxury retailer Saks Global, which owns retailers Saks Fifth Avenue and Nieman Marcus, has filed for bankruptcy. The announcement comes after the company’s top executive stepped down earlier this month as the firm struggled with debt it took on from its acquisition of Nieman Marcus in 2024.

Saks Fifth Avenue is entering a new chapter after its parent company, Saks Global, officially filed for Chapter 11 bankruptcy protection late Tuesday, January 13, less than a year after completing its high-profile acquisition of Neiman Marcus.

On Tuesday, Saks Global, the company who owns department store Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection.

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments

"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," Saks Global CEO Geoffroy van Raemdonck,

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments

The Chapter 11 filing announced on Wednesday for the iconic, century-plus-old retailer — which oversees Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks Off 5th — could ripple through to ot