Luxury retailer Saks Global files for bankruptcyListen to this articleLuxury retailer Saks Global, which operates Saks Fifth Avenue, has filed for bankruptcy but says its stores will remain open for now after securing $1.75 billion financingNEW YORK - US luxury retail group Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, said Wednesday it had filed for bankruptcy. Saks Global said it had appointed former Neiman Marcus Group head Geoffroy van Raemdonck as its new CEO with immediate effect, replacing Richard Baker. The retailer noted its stores, which include Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow, will remain open after it received a fundraising commitment. Saks Global had defaulted on a $100 million interest payment related to its nearly $2.7 billion acquisition of Neiman Marcus in 2024. According to court documents, Saks Global estimated it had assets and liabilities of between $1 billion and $10 billion.

Source: Bangkok Post January 14, 2026 14:21 UTC