Saks Global is preparing to file for bankruptcy in the coming weeks after missing a debt payment tied to its Neiman Marcus acquisition, sources told the Wall Street Journal.
The parent of Saks Fifth Avenue, Neiman Marcus, Saks Off Fifth, and Bergdorf Goodman failed to make an interest payment of over $100 million due on Tuesday, December 30, on its bonds, and is in talks with its creditors to secure financing for the bankruptcy process, the report added.
On December 22, Bloomberg reported that Saks was considering a Chapter 11 bankruptcy filing as a last resort amid a debt payment nearing. Some Saks lenders also reportedly held confidential talks to assess the company’s cash needs, including securing debtor-in-possession financing as a prelude to a bankruptcy filing.
Saks’ $2.65 billion acquisition of competitor Neiman Marcus in December 2024 was designed to provide scale to better compete in the marketplace, but the move added debt and did not resolve payment delays with vendors.
In August 2025, Saks completed a debt restructuring that included about $600 million in new money and an exchange of its $2.2 billion senior secured notes.
Image courtesy Saks Fifth Avenue
