Saks Global is considering filing for Chapter 11 bankruptcy as it is struggling to secure up to $1 billion in debtor-in-possession financing to keep operating, according to a Bloomberg News report, citing people familiar with the matter.
The retailer, which owns Neiman Marcus and Bergdorf Goodman and operates more than 70 full-line stores and about 100 off-price locations, is already in talks with liquidators over some store closures, the report added.
Saks' financial strain has intensified since its debt-heavy $2.7 billion acquisition of Neiman Marcus in 2024. Late payments to vendors have disrupted inventory, while a broader slowdown in luxury spending has weighed on sales, undermining the turnaround the merger was meant to deliver.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.