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Saks Global Reported to be on the Brink of Bankruptcy January 04, 2026 (0 comments)
New York, NY--In the past week, Saks Global missed a $100 million bond payment and saw the resignation of its CEO with reports indicating that it will file for Chapter 11 bankruptcy protection, stemming from its inability to pay off the debt from its December 2024 purchase of the Neiman Marcus Group for $2.7 billion.
To raise funds, it has confirmed that it has sold the land beneath in its Neiman Marcus store on Rodeo Drive in Los Angeles in a lease-back agreement and plans to do the same for the Neiman Marcus store in San Francisco’s Union Square. It has also recently sought the partial sale of the Bergdorf Goodman store in New York.
Saks Global owns the luxury stores Bergdorf Goodman, Neiman Marcus and Saks Fifth Avenue; the Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow.
The Wall Street Journal broke the story that Saks Global is preparing to file for Chapter 11 bankruptcy protection (subscription required) on December 31, a day after the retail conglomerate failed to make an interest payment of more than $100 million.
On January 2, Saks Global announced that its CEO, resigned. He named Executive Chairman Richard Baker as his successor, according to reports.
On December 30, The Los Angeles Times reported that Saks Global sold its Neiman Marcus Beverly Hills property to New York investment firm Ashkenazy Acquisition Corp. for an undisclosed price. The luxury retailer will continue operating as a tenant in the building under a long-term lease with its new owner.
On January 2, the San Francisco Chronicle (subscription required) reported that Saks Global is in the process of creating the same deal for the Neiman Marcus store in San Francisco’s Union Square. The following day, another publication, Hoodline, reported that Saks Global confirmed the sale and public records indicate a 99-year lease was secured.
Both the Los Angeles and San Francisco stores are considered landmark retail establishments in the Neiman Marcus portfolio in prestigious locations.
It was previously reported that Saks Global was looking to sell a minority stake in Bergdorf Goodman.
Saks, Neiman Marcus and Bergdorf Goodman are among the most celebrated department stores in the U.S.