NEW YORK (WOWO) Saks Global Enterprises, the parent company of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks OFF 5TH, is considering a potential Chapter 11 bankruptcy filing, according to a report from Bloomberg.
Sources familiar with the matter say the luxury retailer is facing mounting liquidity challenges, including a debt payment of more than $100 million due at the end of December. The company is reportedly exploring emergency financing options and potential asset sales to shore up cash reserves, though bankruptcy is described as a last resort.
Bloomberg reports that some lenders have held confidential discussions about the company’s financial position, including the possibility of providing debtor-in-possession financing if a bankruptcy filing occurs.
The report also notes that Saks Global CEO Marc Metrick may be preparing to step down, though no formal announcement has been made. FOX Business reported it reached out to the company for comment.
Saks Global completed its $2.7 billion acquisition of Neiman Marcus Group in December 2024, adding Neiman Marcus and Bergdorf Goodman to its luxury retail portfolio. Since then, the company has cut hundreds of jobs, closed stores and corporate offices, and significantly reduced its retail footprint in Canada.
The company is expected to continue closing stores in 2026, including additional Saks OFF 5TH locations, as it works to address ongoing financial pressures.
