Forever 21's Times Square location hosts a closeout sale, after the U.S. operating company on Sunday filed for bankruptcy for the second time in six years, in New York City, U.S., March 18, 2025. REUTERS/Arriana McLymore
(New York, New York) – Saks Global Enterprises, the parent company of Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, is weighing a possible Chapter 11 bankruptcy filing as it struggles with mounting debt, according to people familiar with the matter cited by Bloomberg.
The retailer is facing a more than $100 million debt payment due at the end of December and has been exploring emergency financing options, including selling assets to raise cash. Sources told Bloomberg that bankruptcy would be a last resort, but lenders have already held confidential discussions about the company’s liquidity needs, including the possibility of a debtor-in-possession loan, a form of financing used during bankruptcy proceedings.
Reports also surfaced Tuesday that CEO Marc Metrick may be preparing to step down, though the company has not confirmed the claim. Metrick took over in December 2024 after Saks Global completed its $2.7 billion acquisition of Neiman Marcus Group, a deal that expanded the company’s luxury portfolio and placed him in charge of its operating group.
Since the acquisition, Saks Global has faced increasing financial pressure, cutting hundreds of jobs and closing stores and corporate offices. The company has also shuttered most of its locations in Canada and plans to close additional Saks OFF 5TH stores beginning in early 2026. In September, reports indicated Saks was exploring the sale of a minority stake in Bergdorf Goodman, potentially valuing the iconic retailer at about $1 billion, as it looks for ways to shore up its balance sheet.
