Saks Global
American holding company
Saks Global Holdings LLC
Company typePrivately held
IndustryRetail
GenreDepartment stores
Predecessor
FoundedNovember 15, 2024; 14 months ago (2024-11-15)[a]
Fatebankruptcy in January 2026[1]
Headquarters
New York City, New York
,
United States
Area served
United States
Key people
RevenueIncrease US$7.4 billion (2024)
Subsidiaries
Websitesaksglobal.com
Footnotes / references
[2]

Saks Global Holdings LLC[2] is an American holding company of department stores and commercial property. It was formed after the American assets of Canadian holding company Hudson's Bay Company were spun-off in November 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024. Saks Global owns the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; the off-price stores Neiman Marcus Last Call and Saks Off 5th; and home furnishings website Horchow.

Saks stores in Canada were licensed by Saks Global and operated by HBC, and closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.

In January 2026, Saks Global filed for bankruptcy protection after years of mounting debt and declining sales, marking one of the largest collapses in the U.S. luxury retail sector since the pandemic.[1]

History

Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG).[3][4][5] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion.[6] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.[7]

The purchase was supported with financing from Amazon (who will work with the group "to innovate on behalf of customers and brand partners"),[7] Authentic Brands Group, G-III Apparel Group and Salesforce.[8] There is also the possibility of store closures across Saks Fifth Avenue and Neiman Marcus.[8] In an interview with Vogue Business, Metrick (CEO of Saks Global Operating Group) said that this is only the beginning of the group's ambitions and that they are now thinking of what the entity might look like internationally.[6]

Saks Global's executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio.[9] In May 2025 Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus.[10] In May 2025, industry sources reported that Costco warehouse club will be carrying Saks Fifth Avenue apparel in the coming months.[11][12]

Financial difficulties and bankruptcy

In February 2025, CEO Marc Metrick acknowledged the backlog of overdue payments to vendors, and promised outstanding invoices would be paid beginning in July 2025. As of August some vendors reported no progress.[13] Regarding overdue payments, Metrick stated: “We are largely in line with our payments with our brand partners. We need to move on from that part of the conversation.” In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses,[14] began to question if they'll receive a single interest payment.[15] Industry experts reported that a successful 2025 holiday season would be crucial for the company.[16][17]

In August 2025, Saks Global completed a debt restructuring that would allow for the company to raise up to $600 million in secured financing and a $2.2 billion exchange in senior secured notes.[18] On September 21, Saks Global announced that it was in early negotiations to sell a 49% minority stake of its Bergdorf Goodman brand for $1 billion in an effort to further reduce debt. The company stated that inflation and tariffs tampered with consumer demand, which resulted in this decision.[19]

Despite these attempts for a turnaround, by October 2025, Saks Global had reported a significant revenue loss in Q2 2025, losing more than 13% of revenue to $1.6 billion, down from over $2 billion in Q2 2024. The company claimed that inventory challenges contributed to these losses.[20] On November 13, Saks Global announced the closure of 9 underperforming Saks OFF 5TH locations in an effort to better optimize their store fleet. These stores are set to permanently close by January 2026.[21]

On December 23, Saks Global sold its 184,000-square-foot Neiman Marcus flagship in Beverly Hills to Ashkenazy Acquisition Corp., aiming to free up capital to pay down debt and reinvest in its core business.[22] That same day, the company warned that a $100 million debt payment linked to their acquisition of Neiman Marcus, would be due by December 31, and that it may not be able to continue operating as a "going-concern." The company stated that it would be seeking financial options that would help stabilize its business, including raising further emergency financing, asking lenders for additional liquidity, or a sale of its assets. Saks Global also stated that if they are unable to restructure their business, they will file for Chapter 11 bankruptcy protection as a last resort.[23] On December 28, Metrick warned that he would likely step down as CEO of the company by Q1 2026.[24]

On December 31, Saks Global skipped its $100 million debt payment with its bondholders. The company claimed that it is currently negotiating with its creditors to come up with a restructuring agreement.[25]

In January 2026, new senior bonds issued in summer 2025 were trading below 30 cents on the dollar.[26]

On January 13, 2026, Saks Global filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Houston.[27] in the face of multiple challenges: fiercer competition and the massive debt ($2.65B) Saks used to buy luxury rival Neiman Marcus in 2025. As debt restructuring occurs, the company said that stores will remain open, customer programs will be honored, and suppliers and employees would be paid.[28] On January 15, 2026, Judge Alfredo Perez, who is overseeing the Saks Global bankruptcy in Houston federal court, approved the retailer’s $1.75 billion debtor-in-possession loan over the objections of Amazon and some vendor brands.

Management

Emily Essner is president and chief commercial officer of Saks Global,[29] and Brandy Richardson is chief financial officer. The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authentic Luxury Group.[30][31]

In July 2025 John Antonini left the company after more than 25 years at Saks Fifth Avenue. He had been working a few months in a newly created position centered on store growth.[32] In July 2025 Saks Global named Brandy Richardson as its next chief financial officer, succeeding interim CFO Mark Weinsten.[33]

In 2025, management changes at Saks subsidiary Bergdorf Goodman included the departures of chief merchandising officer Yumi Shin and Chief Retail Officer Melissa Xides.[34][35]

On January 2, 2026, Metrick stepped down as CEO.[36] Richard Baker left Saks Global entirely just two weeks after being appointed CEO to replace Marc Metrick.[37] Baker was the architect of the $2.7B acquisition of Neiman Marcus, finalized in 2024.[38] Also said to be leaving were president Ian Putnam and the rest of Baker's group.[39] In January 2026, Darcy Penick joined Saks Global as President and Chief Commercial Officer.

Nameplates

List of Saks Global nameplates
Name Year
founded
Bergdorf Goodman 1899
Horchow 1971
Neiman Marcus 1907
Neiman Marcus Last Call
Saks Fifth Avenue 1867
Saks Off 5th 1990
Authentic Luxury Group
Barneys New York 1923
Hervé Léger 1985
Judith Leiber 1963
VINCE. 2002
  • Bergdorf Goodman flagship store (2019)
    Bergdorf Goodman flagship store (2019)
  • Neiman Marcus flagship store (2010)
    Neiman Marcus flagship store (2010)
  • Saks Fifth Avenue flagship store (2021)
    Saks Fifth Avenue flagship store (2021)

Notes

  1. ^ The legal entity was founded on March 9, 2020, however, it was renamed Saks Global and began business on November 15, 2024.

References

  1. ^ a b Vanessa Friedman; Bernstein, Jacob (January 14, 2026). "What Does the Saks Bankruptcy Mean for Shoppers". The New York Times. Retrieved January 14, 2026.
  2. ^ a b "Frequently Asked Questions". Saks Global. October 13, 2025. Retrieved October 13, 2025.
  3. ^ Latham, Tori (26 December 2024). "Saks Officially Acquires Neiman Marcus for $2.7 Billion".
  4. ^ Singh, Prachi (24 December 2024). "Saks Global completes the acquisition of Neiman Marcus". Fashion United.
  5. ^ Moin, David (2024-12-11). "Saks Owner HBC Secures $2 Billion Bond to Buy Neiman's". WWD. Retrieved 2024-12-24.
  6. ^ a b Schulz, Madeleine (2024-12-24). "The Saks-Neiman merger is on". Vogue Business. Retrieved 2024-12-25.
  7. ^ a b IV, Antonio Pequeño. "Saks Global Inks $2.7 Billion Acquisition Of Neiman Marcus In Amazon-Backed Deal". Forbes. Retrieved 2024-12-24.
  8. ^ a b Moin, David (2024-12-23). "Saks Finalizes $2.7 Billion Deal to Buy the Neiman Marcus Group". WWD. Retrieved 2024-12-24.
  9. ^ Richard Baker Confirms Saks Global to Cut Up to 600 Vendors Women's Wear Daily, TIANWEI ZHANG, MAY 15, 2025
  10. ^ Saks says no 'broader plan to consolidate' in markets with Neiman as it closes SF store Dallas News, Brian Womack, April 24, 2025
  11. ^ Saks Fifth Avenue Brand Heads to Costco: Sources LISA LOCKWOOD, Women's Wear Daily, May 21, 2025
  12. ^ Sullivan Kilroy, Dana (May 29, 2025). "Costco adds famous name brands (and those brands aren't happy)". The Street.
  13. ^ Vendors say Saks Global not following through on overdue payments Daphne Howland, Retail Dive, August 8, 2025
  14. ^ Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made Bloomberg, Eliza Ronalds-Hannon, May 14, 2025
  15. ^ "Saks Bond Suffers $1 Billion Loss Before a Single Payment Is Made". Business of Fashion. 14 May 2025.
  16. ^ What Saks Global Has Riding on the Holiday Season: A Crucial Moment on Its Path Ahead Women's Wear Daily, Evan CLARK, November 12, 2025
  17. ^ Howland, Daphne (December 9, 2025). "Saks Global is stuck". Retail Dive.
  18. ^ "Saks Global prepares for bankruptcy after missing debt payment, WSJ reports". Reuters. December 31, 2025. Retrieved January 1, 2026.
  19. ^ "Saks Global seeks to sell minority stake in luxury retailer Bergdorf Goodman". Reuters. 2025-09-21. Retrieved 2026-01-01.
  20. ^ Howland, Daphne (2025-10-17). "Saks Global Q2 revenue slumps, loss widens amid inventory woes". Retail Dive. Retrieved 2026-01-01.
  21. ^ Compton, Sophia (2025-11-13). "Saks Off 5th closing stores across multiple states". Fox Business. Retrieved 2026-01-01.
  22. ^ "Ben Ashkenazy Emerges as Beverly Hills' Largest Retail Landlord". Market Watch.
  23. ^ Wilson, Marianne (2025-12-23). "Saks Global reportedly weighing options, with bankruptcy as 'last resort'". Chain Store Age. Retrieved 2026-01-01.
  24. ^ Sherman, Lauren (2025-12-28). "Saks Global C.E.O. Marc Metrick Expected to Step Down". Puck. Retrieved 2026-01-01.
  25. ^ Basu, Reshmi; Ronalds-Hannon, Eliza (2025-12-31). "Cash-Strapped Saks Skips Bond Payment Amid Talks With Creditors". Bloomberg News. Retrieved 2026-01-01.
  26. ^ Platt, Eric (January 11, 2026). "Leveraged luxury: fall of Saks Global to scorch US business stars". Financial Times.
  27. ^ Lopez, Luciana; Meyersohn, Nathaniel (2026-01-14). "Saks Global files for bankruptcy amid luxury market strains". CNN. Retrieved 2026-01-14.
  28. ^ News, A. B. C. "Luxury retailer Saks Global files for bankruptcy as it prepares to restructure". ABC News. Retrieved 2026-01-14. {{cite web}}: |last= has generic name (help)
  29. ^ Moin, David (10 January 2025). "Saks Global Forms Senior Team, Blending Talent From Neiman Marcus and Saks Fifth Avenue". Women's Wear Daily.
  30. ^ "Authentic Brands Group and Saks Global Launch New Luxury Platform: Authentic Luxury Group". Authentic Brands Group. 2024-10-09. Retrieved 2024-12-25.
  31. ^ "Saks Finalises Acquisition of Neiman Marcus Group". The Business of Fashion. 2024-12-24. Retrieved 2024-12-25.
  32. ^ Howland, Daphne (July 9, 2025). "Another Saks Global stores exec is out". Retail Dive.
  33. ^ EXCLUSIVE: Saks Global Names Brandy Richardson CFO Women's Wear Daily, DAVID MOIN, July 16, 2025
  34. ^ Legal Battle Between Saks Global and Yumi Shin Rages On: The former chief merchandising officer of Bergdorf Goodman, a division of Saks Global, hopes to join the Seattle-based Nordstrom Inc. but is entangled in a legal battle over alleged contract violations. Women's Wear Daily, David Moin, December 18, 2025
  35. ^ Saks Global shakeup reaches Bergdorf Goodman Retail Dive, Daphne Howland, November 20, 2025
  36. ^ Kapner, Suzanne (2026-01-02). "Saks CEO Steps Down Ahead of Expected Bankruptcy Filing". The Wall Street Journal. Retrieved 2026-01-02.
  37. ^ https://www.washingtonpost.com/business/2026/01/14/saks-bankruptcy-neiman-marcus-bergdorf/
  38. ^ https://www.reuters.com/business/retail-consumer/saks-globals-architect-richard-baker-walks-away-checkered-legacy-2026-01-14/
  39. ^ Richard Baker Exiting Saks Global as Bankruptcy Looms JEAN E. PALMIERI, DAVID MOIN, EVAN CLARK, January 10, 2026
Retrieved from "https://en.wikipedia.org/w/index.php?title=Saks_Global&oldid=1333251452"