Behind the Money The rapid collapse of Saks Global
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Jan 21, 2026 
Sujeet Indap, Wall Street editor at the Financial Times, and Eric Platt, U.S. investment editor, dive into Saks Global's stunning Chapter 11 bankruptcy. They unravel how Saks' recent Neiman Marcus acquisition fueled its downfall amid declining luxury demand and crushing debt. The duo also explores the implications of lax due diligence by asset managers, the looming wave of bankruptcies in 2026, and the pressures faced by highly leveraged companies in today's market. It's a captivating conversation on the fate of a legendary retail icon.
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Legacy Brand Vulnerable To Demand Shifts
- Saks built its reputation by bringing European luxury houses to the U.S. and shaping aspirational shopping.
- Recent declines in luxury demand and inventory shortfalls eroded that advantage.
Missing Staples Show Operational Strain
- Michela Tindera and Sujeet described missing items like Aesop soap as a sign of inventory problems.
- Popular products repeatedly sold out or vanished from Saks.com over the prior year and a half.
Acquisition Fueled By Large Debt Stack
- Saks bought Neiman Marcus for $2.7bn intending to cut costs and gain bargaining power with vendors.
- The deal relied heavily on external financing, splitting between Apollo's private credit and a larger public bond sale.
