Saks Global, the conglomerate owning iconic luxury brands such as Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, initiated Chapter 11 bankruptcy proceedings on January 13, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas. This significant development in the retail sector comes after the company struggled under a heavy debt load, primarily stemming from its $2.7 billion acquisition of rival Neiman Marcus in 2024. The bankruptcy filing, considered the first major corporate bankruptcy of 2026, aims to facilitate a financial restructuring, allowing Saks Global to reorganize its balance sheet and continue operations. Despite the bankruptcy, Saks Global has affirmed that all its retail stores, including Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, along with their e-commerce platforms, will remain open and serve customers. To ensure liquidity during the restructuring process, the company has secured approximately $1.75 billion in financing commitments, including $1 billion in debtor-in-possession funding. In a leadership change, former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed as Saks Global's new Chief Executive Officer, replacing Richard Baker. The article's original claim of Saks being "America's last luxury retailer" is an exaggeration, as Saks Global itself encompasses multiple major luxury brands and other significant luxury retailers operate in the market. This event underscores the ongoing challenges faced by traditional department stores amidst evolving consumer preferences and increased competition from online retailers and individual luxury brands.