The operator of Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus has filed for bankruptcy protection, a move that has rippled through the luxury retail world, leaving suppliers unpaid and straining ties with Amazon, one of Saks Global’s minority investors.
The filing lands like a chandelier crashing onto a marble floor — sudden, loud and impossible to ignore — exposing the fragile balance holding together some of America’s most iconic department stores.
$1.75 Billion Lifeline, Billions in Debt
Saks Global said last week it had lined up about $1.75 billion in financing aimed at steering the company toward profitability. As part of the bankruptcy process, the retailer said it plans to continue honoring customer loyalty programs, paying employees and compensating vendors.
Court documents show the company is seeking approval for a plan to address outstanding liabilities estimated to range between $1 billion and $10 billion — a spread that underscores the scale of the financial uncertainty.
