The largest unsecured creditor in the Saks Global bankruptcy is Chanel, which is owed $136 million — more than twice what the retailer owes its next biggest creditor. A Chanel spokesperson was not immediately available to comment. The amount caught many by surprise, though, given that the brand’s business with Saks Global was believed to be on a largely concession basis.

— Read more in A $900M Promise to Amazon and 4 Other Takeaways From the Saks Bankruptcy at Women's Wear Daily.

Bloomingdale’s and Nordstrom, the two other luxury national retailers left standing, are sensing opportunity. Nordstrom has hired a number of Saks and Neiman employees, and Bloomingdale’s has been wooing luxury brands like Chanel, Chloé and Burberry and increasing their floor space.

— Read more in What Does the Saks Bankruptcy Mean for Shoppers? at The New York Times.

“The Saks bankruptcy isn’t really about luxury declining. It’s about the department store model overall struggling,” said Jenna Rennert, a contributing editor at Vogue. “Department stores really used to be the gateway to luxury,” she said. “Today, they’re kind of the middleman that luxury brands no longer need.”

— Read more in Why Saks collapsed while the rest of luxury retail is growing at NBC.

Saks Global has filed for bankruptcy protection after collapsing under the financial strain of its US$2.7bn acquisition of department store chain Neiman Marcus in 2024.

The luxury US retailer commenced voluntary Chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas to facilitate its ongoing transformation.

Department stores Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow will all remain open for trading during this period.

— Read more in Saks Global files for bankruptcy under financial strain of Nieman [sic] Marcus takeover at Cosmetics Business.