Luxury retailer Saks Global is planning to file for Chapter 11 bankruptcy as soon as Sunday, Bloomberg News reported on Friday, citing people familiar with the matter.
Shoppers walk outside the Saks Fifth Avenue flagship store in Manhattan in New York City, U.S., January 6, 2026 – REUTERS/Angelina Katsanis
The owner of New York’s century-old Fifth Avenue flagship store is preparing to file for bankruptcy without a restructuring deal in place, though it aims to craft one in the coming weeks, according to the report.
The company is also in advanced discussions on about $1.25 billion debtor-in-possession financing package with creditors, which would allow it to keep its business running during bankruptcy and pay vendor dues, the report added.
Saks Global did not immediately respond to a Reuters request for comment.
