Saks Global Enterprises, the storied owner of luxury icons Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is reportedly preparing to file for Chapter 11 bankruptcy as early as this Sunday. The dramatic move comes as the retail giant grapples with a crippling £1.7 billion ($2.2 billion) debt load and dwindling demand for high-end goods.
The company's crisis highlights a widening pullback in non-essential spending, with sources saying even affluent shoppers are tightening their wallets amid economic uncertainty. This shift in consumer behaviour is shaking the foundations of the traditional luxury market, leaving once-untouchable brands struggling to survive.
