Saks Global news and archive

Bloomberg: Saks Global faces potential Chapter 11 bankruptcy filing

Saks Global, the parent company of luxury department store Saks Fifth Avenue, is considering filing for Chapter 11 bankruptcy in the US. This move is being considered a last resort amid growing financial difficulties, according to reports from Reuters and Bloomberg News. The potential filing comes as the company grapples with high debt and...

Retail

Saks Off 5th to close select locations in 2026

Luxury retail group Saks Global has confirmed plans to close select locations among its Saks Off 5th portfolio. The decision comes as part of a wider review underway at the business, which is shuffling its structure both among its retail network and its leadership in an effort to improve financial performance. In a statement to FashionUnited, a...

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Saks Global shuffles leadership team as slew of execs exit

Luxury retail group Saks Global has initiated a reorganisation of its management in a bid to cut costs, with a slew of top executives due to step down from the firm. According to WWD, which initially reported the news, the reshuffle will see chief executive officer, Marc Metrick, become more directly involved with brand partners. The media...

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Business

Saks Global reportedly considering sale of minority stake in Bergdorf Goodman

Luxury retail giant Saks Global is said to be considering offloading a minority stake in Bergdorf Goodman as it reportedly continues to review “strategic options” for the business. According to sources for WWD, the sale of such a stake, the size of which could not be determined, could value the department store between 1.5 and 2 billion dollars....

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Saks cuts 90 jobs amid latest cost-cutting efforts

Luxury department store Saks is reported to have slashed 90 jobs among its workforce, building on wider cost-cutting efforts already underway at the retailer. According to WWD, which cited an internal memo received via an anonymous source, individuals within Saks’ commercial organisation were largely among those impacted, including the...

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Retail

Retail reckoning: CaaStle, Hudson’s Bay, and Forever 21 lead grim wave of 2025 liquidations

The first half of 2025 has been marred by an increasing number of retailers and their partners descending into bankruptcy, and ultimately liquidation, as the market continues to grapple with waning consumer confidence and heightened competition. From Forever 21 to Hudson’s Bay, we explore some of the most notable bankruptcies of the year so far,...

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Saks Global feels the pinch: reports Q1 top- and bottom-line declines

Akin to others in its sector, Saks Global is starting to see the impact of the currently challenging luxury environment reflected in its financials. For the first quarter of the year, the luxury retail group reported widening losses and lowered revenue as issues with inventory flow took precedence. According to the company’s financial report,...

People

Saks Global welcomes Brandy Richardson as chief financial officer

Multi-brand luxury retailer Saks Global, has announced the appointment of Brandy Richardson as its new chief financial officer, effective August 18, 2025. Richardson will succeed interim CFO Mark Weinsten, who had been leading the company's finance organisation through the initial stages of its transformation following its acquisition of Neiman...

Fairs

Saks Global outlines ‘data-driven’ strategy for menswear at Pitti Uomo

Saks Global has outlined a new “data-driven” strategy for its menswear offering. The luxury retail group, formed of Saks Fifth Avenue and Neiman Marcus, among other department stores, revealed its intention to tap into identified growth opportunities at the ongoing Pitti Uomo 108 in Florence, Italy. Much of this centres around zoning in on...

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Business

Saks Global survey shows luxury consumers feeling less optimistic

Luxury consumers in the US are feeling notably less optimistic about the economy, according to the latest Saks Global Luxury Pulse survey, and the intent to spend on luxury “has soften”. The quarterly survey, which analyses luxury consumers’ attitudes towards spending and the economy, found that luxury consumer optimism about the economy...

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Saks Global secures 350 million dollars in financing commitments

Saks Global, the newly formed retail group comprising Saks and Neiman Marcus, has announced that it has secured 350 million dollars of financing commitments from SLR Credit Solutions. This reflects progress against its previously announced measures to strengthen its balance sheet, the company said in a release. Anticipated the close on or before...

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Business

ABG and Saks top executives on new luxury group: "Necessary for American fashion industry"

US fashion companies Authentic Brands Group and Saks Global announced their collaboration, ‘Authentic Luxury Group’, in 2024. At the World Retail Congress in London, chief executive officer Jamie Salter (CEO Authentic) and Richard Baker (executive chairman Saks) shared further details about the collaboration. The joint interview, led by congress...