Saks Global joins a string of major U.S. retail bankruptcies, highlighting the ongoing struggles of department stores against rising online and big-box competition.

FACTBOX: Biggest US retail collapses in recent years as Saks Global files for bankruptcy

Saks Global joins a string of major U.S. retail bankruptcies, highlighting the ongoing struggles of department stores against rising online and big-box competition.

January 14, 2026

Reuters

The facade of the Saks Fifth Avenue flagship store in New York City, U.S., January 12, 2026.

Shannon Stapleton/Reuters

Saks Global filed for bankruptcy late on Tuesday, adding to a long list of high-profile retail collapses in the United States in the past decade as they struggled to stay alive amid cut-throat competition from big-box and online retailers.

Saks Global is a conglomerate of department stores created after then parent, Hudson's Bay, acquired rival Neiman Marcus in 2024. Saks Global owns luxury chains Saks, Neiman Marcus and Bergdorf Goodman.

Listed below are some of the biggest bankruptcies among American department stores:

Company	Filing date	Details
Saks Global	January 2026	The high-end department store conglomerate filed for bankruptcy protection, marking one of the biggest retail collapses since the COVID-19 pandemic.
Lord & Taylor	August 2020	The storied department store chain filed for Chapter 11 bankruptcy during the coronavirus outbreak.
Neiman Marcus	May 2020	The luxury department store chain filed for bankruptcy protection and completed its Chapter 11 process in September that year.
J.C. Penney	May 2020	The department store chain filed for bankruptcy protection. In December 2020, the company said its retail and operating assets would exit Chapter 11 after two of its biggest landlords, Simon Property Group <SPG.N> and Brookfield Asset Management <BAMa.TO>, acquired nearly all such assets.
Barneys New York	August 2019	The New York retail icon filed for bankruptcy protection and put itself up for sale. A bankruptcy judge approved the sale of Barneys' brands and other intellectual property to licensing firm Authentic Brands, and the deal closed in November that year.
Sears Holdings	October 2018	The parent of Sears, Roebuck and Co and Kmart Corp filed for Chapter 11 bankruptcy following a decade of revenue declines, hundreds of store closures. The company's chairman, Eddie Lampert, prevailed in a bankruptcy auction for the store chain in January 2019, with an improved takeover bid of roughly $5.2 billion, allowing the retailer to keep its doors open.

Here are some of the other big American retailers that also faced bankruptcy in recent years:

Company	Filing date	Details
Claire's Stores	August 2025	The fashion jewelry retailer filed for bankruptcy protection for the second time, with a plan to close hundreds of stores and find a buyer for about 800 remaining locations.
Rite Aid	May 2025	The pharmacy retailer filed for bankruptcy for the second time in less than two years after a previous restructuring reduced its debt but failed to address its long-term business challenges.
Joann Fabrics	January 2025	The craft retailer filed for Chapter 11 protection in Delaware on Wednesday, saying that inventory shortages had forced it to back into bankruptcy for the second time in less than a year.
Party City Holdco	December 2024	The retailer, which had been struggling since the pandemic, filed for Chapter 11 bankruptcy protection in the United States for the second time in two years.
Lugano Diamonds	November 2025	The jeweler filed for Chapter 11 to facilitate a sale of the business. The company reached an agreement with investment firm Enhanced Retail Funding to become a stalking horse bidder, while it seeks additional bids amid the court-supervised sale process
Bed Bath & Beyond	April 2023	The home goods retailer filed for bankruptcy protection after it failed to secure funds to stay afloat.
Christmas Tree Shops	May 2023	The home-decor retailer that was spun off from Bed Bath & Beyond in 2020 filed for bankruptcy protection. A U.S. judge in August 2023 converted the bankruptcy to a Chapter 7 liquidation.
Tailored Brands	August 2020	The Men's Wearhouse owner filed for bankruptcy following the economic fallout from the COVID-19 crisis. In December 2020, Tailored Brands emerged from bankruptcy protection.
Ascena Retail Group	July 2020	The owner of Ann Taylor and Lane Bryant filed for Chapter 11 protection, succumbing to the economic fallout of the pandemic.
Brooks Brothers	July 2020	The men's apparel brand filed for Chapter 11 as the COVID-19 pandemic. The 200-year-old firm was acquired by Authentic Brands Group and Simon Property Group for $325 million in August 2020.
J.Crew Group	May 2020	The apparel chain filed for bankruptcy protection with an agreement to eliminate $1.65 billion of debt in exchange for ceding ownership to lenders.
Forever 21	September 2019	The fast-fashion retailer filed for bankruptcy as the rise of competition from online sellers and the changing fashion trends dictated by millennial shoppers pulled down sales. The retailer's U.S. operating company filed for second bankruptcy in March 2025 and said it would wind down its domestic operations.
Nine West Holdings	April 2018	The footwear and apparel company emerged from bankruptcy process a year after it filed Chapter 11, reducing its pre-bankruptcy debt obligations by more than $1 billion and selling its Nine West and Bandolino footwear and handbag businesses to Authentic Brands Group for $340 million.
Toys 'R' Us	Sep 2017	The then-largest U.S. toy store chain and owner of Babies "R" Us filed for bankruptcy protection in late 2017, straining under a $2.5 billion debt pile. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002.