PENNSYLVANIA (WHTM) — Saks Global, which is the parent company for the luxury department store Saks Fifth Avenue, has filed for Chapter 11 bankruptcy, resulting in the upcoming closure of two properties in Pennsylvania.
The company’s announcement on January 13, 2026, stated that it had commenced a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas.
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“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” said newly appointed CEO Geoffry van Raemdonck. “In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the Company so that Saks Global continues to play a central role in shaping the future of luxury retail.”…