Saks Global Holdings LLC[1] 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; and off-price stores Neiman Marcus Last Call and Saks Off 5th.The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authentic Luxury Group.[2][3]
In January 2026, Saks Global filed for chapter 11 bankruptcy protection after accumulating a $4.7 billion debt from its Neiman Marcus acquisition, amid a trend of American shoppers choosing experiential luxury and directly operated monobrand luxury stores.[4][5]
History
Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG).[6][7] The acquisition was finalized in December 2024 and the purchase cost $2.7 billion.[8][9] The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.[10]
The purchase was supported with financing from Amazon ("to innovate on behalf of customers and brand partners"),[10][11]Authentic Brands Group, G-III Apparel Group and Salesforce.[12] In an interview with Vogue Business, Metrick (then-CEO of Saks Global Operating Group) said that it was only the beginning of the group's ambitions and that they were thinking of what the entity might look like internationally.[9]
Saks stores in Canada were licensed by Saks Global and operated by HBC which used to be the parent company of the American locations until 2024.The Canadian locations closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.
In May 2025, Saks Global's then-executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio.[13] Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus.[14] Industry sources reported that Costco warehouse club would be carrying Saks Fifth Avenue apparel in the coming months.[15][16]
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. In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses,[17] began to question if they'll receive a single interest payment.[18]Industry experts reported that a successful 2025 holiday season would be crucial for the company.[19][20] As of August some vendors reported no progress.[21]
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.[22]
Management
Emily Essner was president and chief commercial officer of Saks Global from December 2024 to October 2025.[53]
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.[54] In July 2025 Saks Global named Brandy Richardson as its next chief financial officer, succeeding interim CFO Mark Weinsten.[55]
In 2025, management changes at Saks subsidiary Bergdorf Goodman included the departures of chief merchandising officer Yumi Shin and Chief Retail Officer Melissa Xides.[56][57]
On January 2, 2026, Metrick stepped down as CEO after working various roles at Saks since 1995.[58] Real estate mogul Richard Baker left Saks Global entirely just two weeks after being appointed CEO to replace Marc Metrick.[59] Baker was the architect of the $2.7B acquisition of Neiman Marcus finalized in 2024.[60][61] Also said to be leaving were president Ian Putnam and the rest of Baker's group.[62] On January 14, 2026, Geoffroy van Raemdonck, who oversaw Neiman Marcus Group's emergence from bankruptcy, was appointed CEO of Saks Global as part of the Chapter 11 filing.[63]
In January 2026, Roopal Patel, senior vice president of the fashion office, left Saks Global.[64]In February 2026, Dayna Ziegler left Saks Global to join Macy's as senior vice president and general merchandise manager for women's ready-to-wear, effective March 2, 2026.[65]
56.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^
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.
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.
On November 13, Saks Global announced the closure of 9 underperforming Saks OFF 5TH locations by January 2026 in an effort to better optimize its store fleet.
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.[26] On December 31, Saks Global skipped its $100 million debt payment with its bondholders.[27] In January 2026, new senior bonds issued in summer 2025 were trading below 30 cents on the dollar.[28]
On January 13, 2026, Saks Global filed for Chapter 11 bankruptcy protection in the United States District Court for the Southern District of Texas[29] in the face of fiercer competition and approximately $2.65 billion debt from its 2024 acquisition of Neiman Marcus.As debt restructuring occurs, the company said that stores will remain open, customer programs will be honored, and suppliers and employees would be paid.[30]
On January 15, 2026, U.S. Bankruptcy Judge Alfredo Perez, who is currently overseeing the company's bankruptcy case, approved the retailer's $1.75 billion debtor-in-possession loan over the objections of Amazon.[31][32] Amazon, which owns just over a 23% stake in Saks Global, stated that its investment is "now presumptively worthless" after it claimed that Saks Global continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners.[33][34] Saks owed $136 million to Chanel, nearly $60 million to Kering, $26 million to LVMH, $22.2 million to Beiersdorf, $16 million to The Estée Lauder Companies Inc., and $12.1 million to Puig.Amazon attorney Caroline Reckler said at a bankruptcy hearing she has "little to no confidence" that Saks can successfully emerge from bankruptcy.[35]Amazon, Zegna, LVMH, Chanel, Kering, Brookfield Properties Retail, and a labor union representing Saks store workers will serve on a 10-member panel of unsecured creditors set up by the U.S. Trustee's Office in the Department of Justice.[36]In the months leading up to the bankruptcy, Bloomingdale's and Nordstrom gained market share from Saks Global's subsidiaries.[37] On January 20, asset management firm GoldenTree, founded by billionaire Steve Tananbaum, committed to buying a roughly $200 million portion of the debtor-in-possession financing.[38]
On January 23, Simon Property Group, the largest operator of shopping malls in the United States, sought to terminate two leases owned by Saks Global, claiming that the company owes nearly $7 million in unpaid rent.[39][40] That same day, the company won court approval to hire a liquidator to sell its remaining inventory for Saks OFF 5TH Digital, the e-commerce website managed by Saks OFF 5TH.The liquidation sale does not include merchandise from any of Saks Global's physical stores, nor does it include merchandise for the websites of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, or Horchow.[41]
On January 29, Saks Global announced the permanent closure of 57 Saks OFF 5TH and all 5 remaining Neiman Marcus Last Call locations.[42][43] 12 Saks OFF 5TH locations are slated to remain open, however, they will only operate to serve as a "selling channel for residual inventory for Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman." Saks Global also stated that they will stop purchasing merchandise directly for Saks OFF 5TH. Select stores will conduct liquidation sales on January 30, with gift cards to stop being accepted at affected stores before February 14.[44]Saks Global also announced the permanent closure its Miramar, Florida support center, laying off all workers.[45]
On February 10, 2026, Saks Global announced it would close 8 Saks Fifth Avenue stores and 1 Neiman Marcus store, leaving 25 Saks Fifth Avenue stores, 35 Neiman Marcus stores and two Bergdorf Goodman stores still open for business.[46]
In February 2026 U.S. federal Judge Alfredo Perez gave final approval for $1 billion in debtor-in-possession financing, and Saks Global was expected to use up to $600 million of the new financing to pay outstanding debt to vendors.[47][48]
On March 6, 2026, Saks Global announced 15 more store closures in an effort to further cut costs and focus on more profitable locations.[49] The stores are 12 Saks Fifth Avenue and 3 Neiman Marcus locations slated to close by the end of May 2026.[50][51] Saks Global subsequently decided to keep three of these stores opened.[52]
