Exclusive | Saks Prepares for Bankruptcy After Missing Debt Payment

Saks Global is preparing to file for bankruptcy within days after missing an interest payment on the debt it took on to buy Neiman Marcus, people familiar with the matter said. 

Saks has struggled financially since taking on the debt burden in 2024, and the luxury retail chain’s delays in paying vendors have contributed to weaker merchandise offerings—and sales. Saks is now in talks with its creditors about financing for the bankruptcy process, the people said.