Luxury retail conglomerate Saks Global, the parent company of iconic brands such as Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, officially filed for Chapter 11 bankruptcy protection in January 2026. This significant development comes approximately one year and one month after its major $2.7 billion acquisition of the Neiman Marcus Group, which was finalized in December 2024. The original article's claim of "two years after Neiman Marcus acquisition" is an exaggeration; verified information indicates it is "barely a year" or "just over a year" since the merger. The bankruptcy filing, which was reported on January 14, 2026, marks one of the largest collapses within the U.S. luxury retail sector since the COVID-19 pandemic. The company attributed its financial distress to mounting debt from the acquisition and persistent declining sales. Prior to the bankruptcy, Saks Global had missed a $100 million debt payment to its bondholders in December 2025. Despite the bankruptcy filing, Saks Global has secured a substantial $1.75 billion financing package, including a $1 billion debtor-in-possession loan, which is intended to allow its stores and e-commerce platforms to remain operational during the restructuring process. As part of the reorganization, Richard Baker, who spearheaded the Neiman Marcus acquisition strategy, stepped down, and Geoffroy van Raemdonck, the former CEO of Neiman Marcus, was appointed as the new CEO of Saks Global. It's also noteworthy that Neiman Marcus Group itself had filed for Chapter 11 bankruptcy in May 2020, emerging later that year under new ownership, before being acquired by Saks Global in late 2024. This news is highly relevant for an Indian audience interested in global financial markets and the luxury retail industry.