Saks Global files for Chapter 11, joining a long list of major US retailers like Sears, J.C. Penney, and Forever 21 that have collapsed since 2017.
NEW YORK: Saks Global has filed for bankruptcy, marking one of the largest US retail collapses since the COVID-19 pandemic.
The luxury department store conglomerate, formed after Hudson’s Bay acquired Neiman Marcus in 2024, filed for Chapter 11 protection late on Tuesday.
It owns the Saks, Neiman Marcus, and Bergdorf Goodman chains, adding to a long list of high-profile retail bankruptcies over the past decade.
Struggling retailers have faced cut-throat competition from big-box and online rivals.
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The filing continues a trend of major collapses that began well before the pandemic.
In August 2020, the storied Lord & Taylor chain filed for Chapter 11 bankruptcy during the coronavirus outbreak.
Neiman Marcus itself had filed for bankruptcy protection in May 2020, completing its process that September.
J.C. Penney also filed for bankruptcy in May 2020, with its assets later acquired by its biggest landlords.
Other iconic names have fallen in recent years, including New York retail icon Barneys New York in August 2019.
Sears Holdings filed for Chapter 11 in October 2018 after a decade of revenue declines and store closures.
The trend has extended beyond traditional department stores into other retail sectors.
Fashion jewelry retailer Claire’s Stores filed for bankruptcy for a second time in August 2025.
Pharmacy chain Rite Aid filed for its second bankruptcy in less than two years in May 2025.
Craft retailer Joann Fabrics filed for Chapter 11 protection in January 2025, also for a second time.
Party City Holdco filed for Chapter 11 for the second time in two years in December 2024.
Home goods giant Bed Bath & Beyond filed for bankruptcy in April 2023 after failing to secure funds.
Its former subsidiary, Christmas Tree Shops, filed in May 2023 and was later liquidated.
Apparel retailers have been particularly hard hit, with Tailored Brands filing in August 2020.
Ascena Retail Group, owner of Ann Taylor and Lane Bryant, filed for Chapter 11 in July 2020.
Brooks Brothers filed that same month and was acquired for $325 million.
J.Crew Group filed in May 2020, ceding ownership to lenders to erase $1.65 billion in debt.
Fast-fashion retailer Forever 21 first filed in September 2019 and filed again in March 2025.
Footwear company Nine West Holdings emerged from bankruptcy in 2018 after filing in 2017.
Toys ‘R’ Us filed in September 2017 in what was then the biggest US retail collapse by assets since 2002. – Reuters
