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Saks Global headed toward bankruptcy after missing debt payment: report

Saks Global is reportedly headed toward bankruptcy after missing payment for the debt it took on to acquire Nieman Marcus.

The largest luxury retailer in the world, whose brands include Saks Fifth Avenue, Bergdorf Goodman and Saks off 5th, missed a $100 million payment to its bondholders on Tuesday and is in talks with creditors about financing a bankruptcy, according to The Wall Street Journal.

The Post has sought comment from Saks Global.


Saks Fifth Avenue holiday window displays at night, with people walking on the sidewalk.
Saks Global, which owns Neiman Marcus, Saks Fifth Avenue and Bergdorf Goodman, is preparing to file for bankruptcy protection. Stephen Yang

The Big Apple company has struggled since its $2.7 billion acquisition of Neiman Marcus a year ago.

It has been late on payments to its vendors, which has left stores short on some of the high-fashion brands customers look for at Saks Global’s department stores, resulting in weak sales.

Revenues for the quarter ended Aug. 2 fell 13%.

In June, Saks Global raised $600 million in capital to cover its debt payment and it has sought to sell a minority stake in Bergdorf to raise more funds.


Richard Baker
Richard Baker engineered the $2.7 billion merger of Saks Fifth Avenue and Neiman Marcus. Corbis via Getty Images

Saks Global executive chairman and real estate mogul Richard Baker long coveted Dallas-based Neiman Marcus, which filed for bankruptcy protection itself in 2020.

But the merger coincided with a larger slump in demand for luxury goods. Saks Global has had several rounds of layoffs this year.

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