From Daily Mail: Luxury department store giant Saks — which owns Saks Fifth Avenue, Saks Off Fifth and Neiman Marcus — is edging closer to bankruptcy as it struggles under a mountain of debt.
Insiders have warned the company may have little choice but to seek Chapter 11 protection as a major debt payment deadline approaches, Bloomberg first reported.
Saks is facing more than $100 million in interest payments due by the end of this month, and insiders say executives are scrambling to find cash.
Options on the table include raising emergency financing, selling assets — or, as a last resort, filing for bankruptcy protection.
Saks, founded in 1924, is struggling to adapt to the changing luxury market. Despite a recent $2.7 billion takeover of Neiman Marcus, the retailer faces challenges from online shopping and brand-owned stores.
US luxury retailer Saks mulls bankruptcy year after raising billions for turnaround https://t.co/JxCMob34gb
— The Straits Times (@straits_times) December 23, 2025
Read more at Daily Mail
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