Saks Global files for chapter 11 after Neiman Marcus deal

Saks Global has filed for chapter 11 bankruptcy, the company announced on Wednesday. The group was formed after a deal that combined Saks Fifth Avenue with Neiman Marcus and Bergdorf Goodman under a single holding company. The filing follows a costly acquisition: Saks announced a $2.7bn deal to buy Neiman Marcus and borrowed $2.2bn to fund it.

The company told the New York Post it had faced a “challenging year for luxury,” and analysts at S&P Global said Saks had experienced “significant inventory challenges” over the last three years. In its bankruptcy petition Saks listed luxury firms including Chanel and Kering as creditors, owing them tens of millions of dollars, and reported a 13% drop in revenue in the second quarter.

Company leadership changes and missed payments underscored the strain: CEO Marc Metrick abruptly departed and the company missed a multimillion-dollar interest payment at the end of 2025. Saks Global said executive chair Richard Baker would step away and that Geoffroy van Raemdonck, former Neiman Marcus CEO, would take the helm and “appointing industry veterans and former Neiman Marcus Group leaders” to join him.

Analysts and former executives said the debt load and an asset-focused strategy contributed to the crisis.

Key Topics

Business, Saks Global, Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman, Richard Baker