Luxury retail giant Saks Global has filed for Chapter 11 bankruptcy protection in January 2026, marking one of the largest retail collapses since the pandemic. This significant financial event follows years of mounting debt and declining sales, exacerbated by the 2024 acquisition of Neiman Marcus by Hudson's Bay Co., which subsequently spun off its U.S. luxury assets to form Saks Global. Adding to the tumultuous period, Richard Baker, who had recently assumed the role of CEO on January 2, 2026, is departing the company. His exit comes less than two weeks after his appointment, just as the embattled company moved to file for bankruptcy. Reports indicate that Geoffroy van Raemdonck, a board member of Moncler SpA, is expected to be announced as the new CEO. Ahead of its bankruptcy filing, Saks Global successfully finalized a crucial $1.75 billion financing package. This financing, which includes a debtor-in-possession loan and an asset-backed loan, is intended to support the retailer through its restructuring process, allowing it to repay vendors, restock inventory, and keep stores operational. The bankruptcy filing indicates assets and liabilities ranging from $1 billion to $10 billion, with major luxury brands like Chanel and Gucci owner Kering listed among the unsecured creditors. This development underscores the ongoing challenges within the luxury multi-brand retail sector, prompting shifts in consumer behavior towards other luxury outlets.