Three of America's best-known high-end department stores are now in jeopardy, after Saks Global filed for bankruptcy late yesterday. It could be the beginning of the end for Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman. The company that owns them cannot pay its bills. The stores just came together in a $2.7-billion merger in 2024. But the company could not renegotiate with its vendors as department stores continued their decline in the U.S. This morning, Saks also announced it had secured a financing commitment of around $1.75 billion. The slipping economy has also made shoppers spend less at the stores. The stores will stay open, but the question is, for how much longer? Saks Fifth Avenue has been around for 159 years.
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