Summary
Saks Global, a luxury retail company, has filed for bankruptcy and plans to keep its stores open by securing over $1.7 billion in financing. The company may scale down its store count as it tries to recover, having already struggled with declining sales and debts from its acquisition of Neiman Marcus.
Key Facts
- Saks Global filed for Chapter 11 bankruptcy to restructure its finances.
- The company obtained a $1.7 billion financing commitment to keep stores open.
- Saks may reduce the number of stores as part of the restructuring.
- As of the filing, Saks employs about 16,830 people, mostly full-time.
- Saks has 70 full-line luxury stores, with a total of 180 including discount outlets.
- Saks' bankruptcy is notable as the first major retail bankruptcy of 2026.
- The company has faced declining sales and debts from acquiring Neiman Marcus in 2024.
- There are concerns about potential store closures in locations such as Las Vegas and Orlando.
