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Saks Global
Saks Global Holdings LLC is an American holding company of department stores and commercial property. It was formed after the American assets of Canadian holding company Hudson's Bay Company were spun-off in November 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024.
Saks Global owns the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; and off-price stores Neiman Marcus Last Call and Saks Off 5th. The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authentic Luxury Group.
In January 2026, Saks Global filed for chapter 11 bankruptcy protection after accumulating a $4.7 billion debt from its Neiman Marcus acquisition, amid a trend of American shoppers choosing experiential luxury and directly operated monobrand luxury stores.
Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG). The acquisition was finalized in December 2024 and the purchase cost $2.7 billion. The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.
The purchase was supported with financing from Amazon ("to innovate on behalf of customers and brand partners"), Authentic Brands Group, G-III Apparel Group and Salesforce. In an interview with Vogue Business, Metrick (then-CEO of Saks Global Operating Group) said that it was only the beginning of the group's ambitions and that they were thinking of what the entity might look like internationally.
Saks stores in Canada were licensed by Saks Global and operated by HBC which used to be the parent company of the American locations until 2024. The Canadian locations closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.
In May 2025, Saks Global's then-executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio. Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus. Industry sources reported that Costco warehouse club would be carrying Saks Fifth Avenue apparel in the coming months.
In February 2025, CEO Marc Metrick acknowledged the backlog of overdue payments to vendors, and promised outstanding invoices would be paid beginning in July 2025. In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses, began to question if they'll receive a single interest payment. Industry experts reported that a successful 2025 holiday season would be crucial for the company. As of August some vendors reported no progress.
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Saks Global
Saks Global Holdings LLC is an American holding company of department stores and commercial property. It was formed after the American assets of Canadian holding company Hudson's Bay Company were spun-off in November 2024, and expanded with the acquisition of the Neiman Marcus Group in December 2024.
Saks Global owns the full-line luxury stores Bergdorf Goodman, Neiman Marcus, and Saks Fifth Avenue; and off-price stores Neiman Marcus Last Call and Saks Off 5th. The company is divided into four business units: Saks Global Operating Group, Saks Global Properties & Investments, Bergdorf Goodman, and Authentic Luxury Group.
In January 2026, Saks Global filed for chapter 11 bankruptcy protection after accumulating a $4.7 billion debt from its Neiman Marcus acquisition, amid a trend of American shoppers choosing experiential luxury and directly operated monobrand luxury stores.
Saks Global was created in 2024 after the Canadian Hudson's Bay Company (HBC) purchased the American Neiman Marcus Group (NMG). The acquisition was finalized in December 2024 and the purchase cost $2.7 billion. The acquisition brought together Bergdorf Goodman, Neiman Marcus, Saks Fifth Avenue and Saks Off 5th.
The purchase was supported with financing from Amazon ("to innovate on behalf of customers and brand partners"), Authentic Brands Group, G-III Apparel Group and Salesforce. In an interview with Vogue Business, Metrick (then-CEO of Saks Global Operating Group) said that it was only the beginning of the group's ambitions and that they were thinking of what the entity might look like internationally.
Saks stores in Canada were licensed by Saks Global and operated by HBC which used to be the parent company of the American locations until 2024. The Canadian locations closed permanently alongside the full-line Hudson's Bay stores with the liquidation of HBC in 2025.
In May 2025, Saks Global's then-executive chairman Richard Baker planned to remove 500 to 600 brands from the portfolio. Saks Fifth Avenue closed its Union Square, San Francisco location, citing the nearby Neiman Marcus. Industry sources reported that Costco warehouse club would be carrying Saks Fifth Avenue apparel in the coming months.
In February 2025, CEO Marc Metrick acknowledged the backlog of overdue payments to vendors, and promised outstanding invoices would be paid beginning in July 2025. In May 2025, Saks Global was seeking additional capital to sustain its finances while its bondholders, who faced almost $1 billion in losses, began to question if they'll receive a single interest payment. Industry experts reported that a successful 2025 holiday season would be crucial for the company. As of August some vendors reported no progress.
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