Saks Fifth Avenue files for bankruptcy after Neiman Marcus takeover leads to financial collapse

admin — Wed, 14 Jan 2026 09:12:40 +0000

High-end department store conglomerate Saks Global filed for ‌bankruptcy protection late on Tuesday in one of the largest retail collapses since the pandemic.

Saks Fifth Avenue, an affiliate of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in US Bankruptcy Court in Houston, Texas.

Saks Global did not respond to a request for further comment.

Saks Global filed for bankruptcy late Tuesday, marking one of the largest retail collapses since the pandemic. Getty Images

The move cast uncertainty over the future of US ‌luxury fashion barely a year after a takeover that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.

A retailer long loved by the rich and famous, from Gary Cooper to Grace Kelly, Saks fell on hard times after the COVID pandemic, as competition from online outlets rose, and ‍brands started more frequently selling items through their own stores.

Saks Global was close to finalizing a $1.75 billion financing package with creditors that would allow its stores to remain open, two people familiar with the negotiations told Reuters earlier on Tuesday.

The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.

An additional $250 million in financing would also be available through an asset-backed loan provided by the ‌company’s ‌banks, the people said.

Saks Fifth Avenue listed $1 billion to $10 billion in assets and liabilities in its US bankruptcy filing, court records show. AFP via Getty Images

The luxury retailer would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.

A host of luxury brands were among the unsecured creditors, led by Chanel and Gucci owner Kering at about $136 million and $60 million, respectively, the court filing said.

The world’s biggest luxury ⁠conglomerate, LVMH, was listed ⁠as an unsecured creditor at $26 million. In total, Saks Global estimated there were between 10,001 and 25,000 creditors.

CEO of Saks Global Richard Baker. Joe Schildhorn/BFA.com / Shutterstock

In 2024, parent company Hudson’s Bay had bet on scale by merging it with rival Neiman Marcus, creating the entity now known as Saks Global.

The $2.7 billion deal was built on ‍about $2 billion in debt financing and equity contributions from investors, including Amazon, Salesforce, and Authentic Brands.

Amazon and Authentic Brands were listed in the court filing as equity investors.

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SpaceX crane collapse in Texas being investigated by OSHA

admin — Fri, 27 Jun 2025 04:18:32 +0000

The SpaceX Starbase industrial complex and rocket launch facility in Boca Chica, Texas, US, on Thursday, April 17, 2025.

Mark Felix | Bloomberg | Getty Images

A SpaceX crane collapse at the company’s Starbase, Texas facility on Tuesday has prompted an investigation by the Occupational Safety and Health Administration, the federal agency told CNBC in an email.

The crane collapse was captured in a livestream by Lab Padre on YouTube, a SpaceX-focused channel. Clips from Lab Padre were widely shared on social media, including on X, which is owned by SpaceX CEO Elon Musk.

It wasn’t immediately clear whether any SpaceX workers were injured as a result of the incident. Musk and other company executives didn’t respond to a request for comment.

A spokesperson for OSHA told CNBC that more details will be available after the investigation is complete.

SpaceX has a history of workplace injuries that exceed industry average, Reuters previously reported. In 2014, one of the company’s employees, Simon LeBlanc, died on the job due to what OSHA concluded was a failure by the company to protect him from a clear hazard.

Earlier this year, the Department of Government Efficiency (DOGE), a Musk-led effort by the Trump administration to slash the size of the federal government, cut OSHA’s resources and shuttered at least 11 of its field offices. Through DOGE, Musk sought to reduce federal agency budgets, personnel and even certain regulations, limiting their ability to investigate and enforce existing laws.

The SpaceX crane collapse followed a string of explosions and other setbacks for the company’s Starship Super Heavy launch vehicle, the largest rocket ever flown, which is key to Musk’s ambition to transport equipment and people to Mars.

Environmental activists in the U.S. and Mexico say those explosions have harmed sensitive habitat, wildlife and marine life. SpaceX said, in posts online, that its activity had not harmed the surrounding area during the most recent explosion on June 18.

Starship was previously expected to play an important part in NASA’s effort to return to the moon. SpaceX had earned more than $20 billion in federal government contracts mostly from the Department of Defense and NASA.

Meanwhile, NASA’s proposed lean budget for the next year has not yet been authorized by Congress and could impact the agency’s business with SpaceX, and shift the focus of its missions.

Musk, who was President Donald Trump’s biggest financial backer, sought to appoint his friend Jared Issacman, a commercial astronaut, to lead NASA under the second Trump administration. Trump withdrew his nomination of Isaacman as the president bickered with Musk in the waning days of the billionaire’s formal involvement with the White House.

WATCH: SpaceX valuation may be conservative, investor says.

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Saks Fifth Avenue files for bankruptcy after Neiman Marcus takeover leads to financial collapse

SpaceX crane collapse in Texas being investigated by OSHA