Saks Global Files for Bankruptcy Amid Debt and Leadership Changes

Saks Global, a US luxury retail conglomerate owning Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, filed for Chapter 11 bankruptcy protection on January 13, 2026, due to heavy debt from the COVID-19 pandemic and increased competition from online and big-box retailers. Despite the filing, stores remain open following a $1.75 billion financing package. CEO Richard Baker is exiting, with Geoffroy van Raemdonck, former Neiman Marcus CEO, expected to take leadership amid restructuring efforts.