In late 2024, Saks Global executive chair and controlling shareholder Richard Baker, a real estate scion, landed his dream trophy in Neiman Marcus (which also owned Bergdorf), achieving his long-held ambition to combine the U.S.'s fanciest luxury department stores into one company. To pull this off, Saks Global borrowed $2.7 billion, an untenable debt load that has put the company on the precipice of a bankruptcy protection filing, or at least a major refinancing.
Piles of folded sweaters and polo shirts cascaded into disorder, their tags boasting incremental markdowns that seemed to shout over one another. The escalator, unmaintained for close to a year, stood inert. Nervous-looking shoppers bouldered their way up its heavy corrugated steps in search of washrooms or the closest exit to the parking lot. All the beauty counters featured displays which had been denuded to East German levels of bare.