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Saks prepares for bankruptcy after missing debt payment
Mint Hyderabad
|January 02, 2026
Saks Global is preparing to file for bankruptcy within days after missing an interest payment on the debt it took on to buy Neiman Marcus, people familiar with the matter.
Saks has struggled financially since taking on the debt burden in 2024, and the luxury retail chain’s delays in paying vendors have contributed to weaker merchandise offerings—and sales. Saks is now in talks with its creditors about financing for the bankruptcy process, the people said.
The planned chapter II filing is expected to mark the highest-profile department-store bankruptcy since the Covid-I9 pandemic. Saks declined to comment.
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