Saks Global, the parent company overseeing iconic luxury retailers Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, officially filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. This critical development, reported on January 14, 2026, and highlighted by Mint on January 15, 2026, marks a significant moment in the American luxury retail landscape. The bankruptcy filing is a direct consequence of the substantial debt accumulated from Saks Global's $2.65 to $2.7 billion acquisition of its rival, Neiman Marcus, in 2024. This debt-fueled expansion, intended to create a luxury retail powerhouse, instead led to severe financial strain, including missed interest payments to bondholders and mounting payment delays to vendors. The resulting inventory shortages and declining vendor confidence further impacted sales, despite the luxury market itself remaining robust for other players. In a proactive move to ensure continuity during the restructuring process, Saks Global has secured approximately $1.75 billion in financing commitments, including $1 billion in debtor-in-possession funding. The company has affirmed that its retail stores, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, will continue to operate normally, honoring customer programs, vendor payments, and employee benefits. This filing represents a "mad dash" to save the company, as accurately suggested by the original article's sentiment. Leadership has also seen significant changes amidst the crisis, with Geoffroy van Raemdonck, former CEO of Neiman Marcus, taking over as the new CEO of Saks Global, replacing Richard Baker. The company anticipates emerging from bankruptcy later this year, aiming to reposition itself in an evolving luxury market where direct-to-consumer models are gaining traction. However, the original headline's claim of Saks being "America's last luxury retailer" is an exaggeration. Saks Global itself encompasses multiple prominent luxury department stores, and other luxury retailers continue to operate independently in the U.S. market.