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As a result of the process, Saks Global will operate with a smaller structure. The group will have 49 luxury stores, consisting of 33 Neiman Marcus stores, 15 Saks Fifth Avenue stores and Bergdorf Goodman. Prior to filing for Chapter 11, the company had 33 Saks Fifth Avenue stores, so it has closed more than half of this network.
— Read more in Saks to Emerge from Bankruptcy Following Major Store Closure Strategy at Modaes.
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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.
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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.
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Indeed most of the chains [Saks Global executive chairman and newly appointed CEO Richard] Baker has touched in the last two decades have failed—and reports over the weekend suggest the Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman luxury department stores that he brought together in a 2024 deal that created Saks Global could be heading to bankruptcy court soon. (The company had been known as Hudson’s Bay Company for years, but switched to Saks Global when Baker spun out Saks and bought its arch-rival Neiman.)
— Read more in How a real estate scion’s risky dealmaking pushed Saks Global to the brink at Fortune.
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While shoppers might still see an occasional sign featuring a glowering model in a statement lip, the glass cabinets have been replaced with antique armoires and self-serve shelves full of products. The aggressive perfume spritzers have been replaced (at least at the Guerlain Parfumeur boutique) with a digital consultation service where visitors can choose from 110 different creations and personalize their own bottle.
— Read more at Saks Fifth Avenue Rolls The Dice By Moving Beauty Department Off Ground Floor at Forbes.