Saks Files for Bankruptcy a Year After Adding Debt to Buy Neiman

Saks Global Enterprises filed for Chapter 11 bankruptcy protection, a humbling turn in a chapter of the iconic luxury retailer’s history marked by mounting losses, flagging turnaround efforts and substantial merger-related debt.

The move comes just over a year after investors handed Saks billions of dollars of new debt to help fund its acquisition of Neiman Marcus, itself a beleaguered luxury retailer that had been through bankruptcy. Within months, though, that debt tumbled to deeply distressed levels, and by the end of 2025, Saks skipped an interest payment to bondholders totaling more than $100 million and was considering seeking court protection.