The $2.7 Billion Deal That Broke Saks Fifth Avenue

On January 13, 2026, Saks Global, the company behind Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for bankruptcy. Luxury shoppers never stopped spending. So what went wrong? A $2.65 billion deal to buy its oldest rival, paid for with borrowed money, and a quiet crisis of unpaid vendors and empty shelves. 0:00 The filing 1:40 Two rivals 3:43 The landlord 5:30 The deal 7:20 The invoices 9:33 Eleven days 10:45 The unwinding 12:43 What actually killed Saks Have you ever shopped at Saks or Neiman Marcus? Do you think the department store still has a future? Tell us in the comments. SOURCES Saks Global Chapter 11 filings, U.S. Bankruptcy Court, Southern District of Texas (January 2026) and company announcements (January–June 2026). Fox Business, Saks Global files for bankruptcy (January 2026). Retail Dive, Saks Global not paying vendors (August 2025) and Saks Global exits Chapter 11 as Exemplar Luxury Group (June 2026). The Fashion Law, running timeline of the Saks Global bankruptcy. MPR News / AP, Saks buys Neiman Marcus and Amazon gets a stake (July 2024). MarketScreener, Amazon's $475M stake. Background: Wikipedia, "Saks Global", "Saks Fifth Avenue", "Neiman Marcus". CREDITS Music and sound design: original. Stock footage: Pexels contributors (Pexels License): ALL IZ Well, Altaf Shah, Anh Nguyen, Anton Leonardovich Varfolomeev, Anvar Tushakov, Argenis Matos, Artadya Gumelar, CityXcape, Davlat Tursunov, Erkan Avanoglu, Freddie Lee Jones III, Greg Thames, Gustavo Fring, Jim Baker, Jonathan Hirons, Joseph Eulo, K, Kaboompics, Kampus Production, Karma Rayshar, Katrin Bolovtsova, Kindel Media, KoolShooters, MART PRODUCTION, Matias Luge, Matthias Groeneveld, Miguel A. Padrinan, Mikhail Nilov, Nazmi Javier, NetMovies Produ, Omer Toycu, Ono Kosuki, PNW Production, Pablo Diaz, Paul Morphy, Phil Desforges, Pixabay, Polina, RDNE Stock project, Rafael Minguet Delgado, Ron Lach, SHVETS production, Saif Abdulraheem, Simo Herold, Somogro Bangladesh, Sururi Ballidag, Tatsuo Nakamura, Thanh Van, Thirdman, Tim Douglas, Tima Miroshnichenko, Vlada Karpovich, Yura Forrat, cottonbro studio, pickarick, tokyo phoulike. Photos via Wikimedia Commons (cropped, color graded): Original Store -Bergdorf Goodman (48064048193): Ajay Suresh, CC BY 2.0 USA-NYC-Bergdorf Goodman: Ingfbruno, CC BY-SA 3.0 20070513 Chicago Place Showcase Revolving Doors: TonyTheTiger, CC BY-SA 3.0 CaseyFederalCourthouseHoustonTX: WhisperToMe, Public domain Hudson's Bay - Store closing sale - 20250524 - 01: Sikander Iqbal, CC BY-SA 4.0 Hudson's Bay - Store closing sale - 20250524 - 05: Sikander Iqbal, CC BY-SA 4.0 Hudson's Bay department store, Toronto, Yonge and Queen (35474972636): Jeff Hitchcock, CC BY 2.0 Hudson's Bay, Yonge and Queen (52246880920): Geo Swan, CC0 Neiman Marcus Last Call Dolphin Mall (25356475197): Phillip Pessar, CC BY 2.0 Former Lord & Taylor Building (48105832886): Ajay Suresh, CC BY 2.0 Lord & Taylor Building (54743049620): ajay_suresh, CC BY 4.0 Neiman Marcus (original store 1907-1913), SE corner Elm at Murphy, Dallas, 1913: Unknown, Public domain Dallas Neiman Marcus 1: Andreas Praefcke, CC BY 3.0 Neiman Marcus Flagship Interior: Dfwcre8tive, CC BY 3.0 Neiman Marcus flagship store - sign: Joe Mabel, CC BY-SA 3.0 Saks Fifth Avenue Off 5th CrossIron Mills: Rowanlovescars, CC BY-SA 4.0 Saks Fifth Avenue (48155562261): Ajay Suresh, CC BY 2.0 Chicago Place Saks Fifth Avenue entrance 2004-11 img 2593: Dori, CC BY 2.0 Saks Fifth Avenue flagship Mar 2021 55: Epicgenius, CC BY-SA 4.0 Saks Fifth Avenue Flagship Store: Kidfly182, CC BY 4.0 Saks Fifth Avenue and St Patrick's aerial: Andy Kilner, CC BY-SA 2.0 Saks Fifth Avenue Christmas Light Show Snowstorm 2020 (50732619583): Anthony Quintano, CC BY 2.0 Working on Saks Fifth Avenue Christmas Window, Miami FL Nov 2024: Phillip Pessar, CC BY 2.0 Spires of St Patricks Cathedral Rising Above Fifth Avenue 2019-09-30 18-19: Axel Tschentscher, CC BY-SA 4.0 Licenses: creativecommons.org/licenses/by-sa/2.0 · creativecommons.org/licenses/by-sa/3.0 · creativecommons.org/licenses/by-sa/4.0 · creativecommons.org/licenses/by/2.0 · creativecommons.org/licenses/by/3.0 · creativecommons.org/licenses/by/4.0. Public domain and CC0 images as marked. Maps, charts, invoices, letters and documents are simplified illustrations; document text is paraphrased. This video is independent commentary and is not affiliated with or endorsed by Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Exemplar Luxury Group, Hudson's Bay, Lord & Taylor, Amazon, Salesforce or any company shown or mentioned. All trademarks belong to their owners.