Saks Global bankruptcy comes two years after Neiman Marcus acquisition: List of major US retail giant collapses

Saks Global has become the latest victim of competition, as the retail giant filed for bankruptcy late on Tuesday, adding to a long list of major retail collapses in the United States over the past decade.

In recent years, many traditional high-profile retail companies have lost the battle to big-box and online retailers, facing cut-throat competition from these new firms.

Saks Global acquired rival Neiman Marcus in 2024, two years before it filed for bankruptcy. A conglomerate of department stores, created after then-parent, Hudson's Bay, the company owns several luxury chains including Saks, Neiman Marcus and Bergdorf Goodman.

List of retail giants that have filed for bankruptcy over the past decade, largely due to intense competition

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 and Brookfield Asset Management, acquired nearly all such assets.

Barneys, August 2019: The New York retail icon York 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, October 2018: The parent of Sears, Roebuck Holdings 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.

Claire's, August 2025: The fashion jewellery 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, citing inventory shortages. It was the company's second bankruptcy filing in less than a year.

Party City Holdco Inc., 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.