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The Guardian - US
The Guardian - US
Business
Lauren Aratani and agencies

Saks Global files for bankruptcy after takeover leads to financial collapse

Saks Global Saks Neiman Marcus Luxury Richard Baker United States Amazon Authentic Brands
Exterior view of signage at the Saks Fifth Avenue department store in New York
Saks Global filed for bankruptcy after the company struggled to stay alive amid cut-throat competition from online retailers. Photograph: Angela Weiss/AFP/Getty Images

Beleaguered high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, a month after missing the deadline on a $100m interest payment, in one of the largest retail collapses since the pandemic.

Barely a year after a deal brought the chains Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus together, Saks Global said it had filed for chapter 11 bankruptcy “to facilitate its ongoing transformation”.

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