Who Owns Saks Fifth Avenue?
Saks Fifth Avenue is part of Exemplar Luxury Group (formerly Saks Global Enterprises), which exited Chapter 11 bankruptcy in mid-2026 with a 75% debt reduction and $500 million in new financing. The company was acquired by Hudson's Bay Company in 2013, merged with Neiman Marcus in 2024, and is now owned by its former lenders including Pentwater Capital and Bracebridge Capital. Saks Fifth Avenue was founded in 1924 and is headquartered in New York City.
Parent Company
Acquired
2024
Status
Private
Headquarters
Saks Fifth Avenue Timeline
Who Owns Saks Fifth Avenue?
- Parent Company: Saks Global Enterprises
- Ownership Type: Privately held
- Acquisition Year: 2024
- Company Type: Privately Held
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Saks Fifth Avenue | Saks Global Enterprises | Privately held |
History of Saks Fifth Avenue
- Founded: 1924
- Founders: Horace Saks, Bernard Gimbel
- Acquired by Saks Global Enterprises: 2024
The Saks retail business traces its origins to 1867, when Andrew Saks founded an apparel retail business. He incorporated it as Saks & Company in 1902, opening a department store at Herald Square on 34th Street in New York City. When Andrew Saks died in 1912, his son Horace Saks took over management of the company.
Horace Saks wanted to move the store to the Fifth Avenue shopping district, which had been developing since B. Altman opened there in 1905. He shelved plans during World War I, but when the landlord of the Herald Square building doubled the rent in 1922, he revived the relocation plans. Saks identified a site on Fifth Avenue between 49th and 50th Streets, then a largely residential area occupied by the Buckingham Hotel and the National Democratic Club.
In April 1923, Saks & Company merged with Gimbel Brothers, Inc., owned by Horace Saks's cousin Bernard Gimbel. Gimbel took over the Herald Square lease, paid off Saks's debt, and bought $8 million of the company's stock. The Saks Fifth Avenue store became a joint venture between Saks and Gimbel.
On September 15, 1924, Saks Fifth Avenue opened at 611 Fifth Avenue, a 10-story building designed by architects Starrett & Van Vleck. The store occupied a full block frontage south of St. Patrick's Cathedral, facing what would become Rockefeller Center. The Wall Street Journal projected the store would ultimately generate $17 million in annual profit. The building was designated a New York City landmark in 1984.
In 1926, the Saks brothers withdrew from the operation of Saks & Company, and the Gimbel family took full control. The Gimbels sold Saks to BATUS Inc. (British American Tobacco US) in 1973, beginning a long series of ownership changes.
Proffitt's Inc. acquired Saks in 1998 and renamed itself Saks Incorporated. Saks went public and operated as a standalone public company through the 2000s and 2010s, operating Saks Fifth Avenue stores alongside its Saks Off Fifth discount stores.
Hudson's Bay Company acquired Saks Fifth Avenue in 2013 for $2.4 billion. HBC operated Saks alongside its other retail brands including Hudson's Bay, Lord & Taylor, and Gilt Groupe. Under HBC ownership, Saks expanded its e-commerce capabilities and invested in store renovations.
In July 2024, HBC acquired Neiman Marcus Group and merged it with Saks Fifth Avenue to create Saks Global Enterprises. The $2.7 billion deal combined Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, and Saks Off Fifth under one entity. Amazon invested approximately $475 million for an equity stake in the combined company. The integration began quickly but the retailer soon ran short of money and struggled to get luxury brands to ship enough goods to sell.
Saks Global filed for Chapter 11 bankruptcy on January 13, 2026, after missing a $100 million debt payment in December 2025. The bankruptcy process was challenging, with initial disputes over debtor-in-possession financing, conflicts with Amazon and Simon Property Group, and vendors hesitant to ship goods. By June 2026, the court approved the reorganization plan, and the company emerged as Exemplar Luxury Group with 49 stores, 75% less debt, and $500 million in new financing.
About Saks Global Enterprises
What does Saks Global own?
Saks Global Enterprises operates three luxury retail brands: Saks Fifth Avenue (approximately 40 full-line stores plus Saks Off Fifth outlets), Neiman Marcus (approximately 36 full-line stores plus Last Call outlets), and Bergdorf Goodman (a single flagship location on Fifth Avenue in New York City). The company also operates the e-commerce platforms saks.com, neimanmarcus.com, and bergdorfgoodman.com. The combined company has approximately 80 store locations and 19,000 employees.
Is Saks Global publicly traded?
No, Saks Global is a privately held company. It was formed in July 2024 through a $2.7 billion transaction financed with debt and equity, including an approximately $475 million equity investment by Amazon. The company filed for Chapter 11 bankruptcy in January 2026, and existing equity holders (including HBC and Amazon) are expected to be eliminated as lenders convert debt to equity in the reorganized entity.
Who founded Saks Global?
Saks Global was formed in July 2024 through the combination of Saks Fifth Avenue (founded 1924) and Neiman Marcus Group (founded 1907). The combination was orchestrated by Richard Baker, the real estate investor who controls Hudson's Bay Company (HBC) and had acquired Saks Fifth Avenue in 2013. Baker serves as Executive Chairman of Saks Global. Marc Metrick, former CEO of Saks Fifth Avenue, serves as CEO of the combined entity.
Is Saks Fifth Avenue closing?
Saks Fifth Avenue stores remain open during the Chapter 11 bankruptcy proceedings. The company has stated that all three brands (Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman) will continue operating. However, store closures are expected as part of the restructuring plan, and the specific stores to be closed have not been announced as of mid-2026. An exit from bankruptcy is targeted for summer 2026.
Does Amazon own Saks Fifth Avenue?
Amazon made an equity investment of approximately $475 million in Saks Global Enterprises at formation in 2024. Under the Chapter 11 restructuring plan, existing equity holders including Amazon's stake are expected to be eliminated as lenders convert debt to equity ownership of the reorganized entity. Amazon will not own a stake in the reorganized company unless it participates in the DIP financing or exit financing.
What is Bergdorf Goodman?
Bergdorf Goodman is a single-location luxury department store on Fifth Avenue in New York City, operating two buildings (women's and men's). Founded in 1899, it is considered one of the most prestigious retail environments in the world. Bergdorf Goodman is particularly known for its women's designer fashion, accessories, beauty departments, and holiday window displays. It is part of the Saks Global Enterprises portfolio, having been part of Neiman Marcus Group since 1972.
Why did Saks Global go bankrupt?
Saks Global's bankruptcy resulted from the combination of excessive debt (approximately $2.2 billion) taken on to finance the 2024 acquisition of Neiman Marcus Group, continued decline in luxury department store foot traffic, luxury brands reducing wholesale allocations, and the challenges of integrating two large retail operations simultaneously. The company missed a $100 million interest payment in December 2025, triggering the January 2026 Chapter 11 filing.
- Founded: 2024
- Headquarters: New York City, New York, USA
- Company Type: Privately Held
- Revenue: Not publicly disclosed (private, in bankruptcy)
- Employees: Approximately 19,000
Where Is Saks Fifth Avenue Made / Based?
- Headquarters: New York City, New York, USA
Saks Fifth Avenue Categories & Tags
Saks Fifth Avenue Recalls & Controversies
Chapter 11 Bankruptcy (January 2026): Saks Global Enterprises filed for Chapter 11 bankruptcy protection on January 13, 2026, after missing a $100 million debt payment in December 2025. The filing came just 18 months after the $2.7 billion acquisition of Neiman Marcus Group. The bankruptcy was driven by the inability to service acquisition debt, declining foot traffic, and vendor payment issues that created a cycle of declining inventory and sales.
Vendor Payment Crisis: During the period leading up to and during bankruptcy, Saks Global owed $1.7 billion to unsecured creditors, including major luxury vendors like Chanel, Kering, and LVMH. Many vendors reduced or paused shipments to Saks due to payment uncertainty, which reduced inventory available for sale and further pressured the business. Some payments were made to vendors deemed "critical" during bankruptcy, but the reorganization plan indicated general unsecured claims would be "canceled, released and extinguished without any distribution."
Amazon and Simon Property Group Disputes: During the bankruptcy process, Amazon (which had invested $475 million for an equity stake) and Simon Property Group (a key landlord) initially opposed aspects of the debtor-in-possession financing and restructuring plan. These disputes were eventually resolved, with Saks reaching an agreement in principle with Simon and Amazon becoming relatively quiet during later proceedings.
Neiman Marcus Acquisition Scrutiny: The $2.7 billion acquisition of Neiman Marcus Group in 2024 has been subject to significant scrutiny. The unsecured creditors committee sought documents from former CEO Richard Baker relating to the acquisition's negotiation, structuring, financing, and execution. A $20 million litigation trust was established to investigate potential claims including fraudulent transfer, breach of fiduciary duty, and other theories related to the deal and loans to executives.
Store Closures and Job Losses: As part of the bankruptcy restructuring, Saks Global closed unprofitable stores and shut its Saks Off Fifth discount chain. The company reduced its workforce as part of the restructuring, though exact post-bankruptcy headcount figures have not been disclosed. Store closures affected communities and employees across the United States.
Authentic Brands Group Dispute: The reorganization plan included potential claims related to Saks Global's deal with Authentic Brands Group, including claims for fraudulent transfer, fraud, unjust enrichment, and breach of fiduciary duty. The litigation trust established during bankruptcy may investigate this relationship.
Saks Fifth Avenue Ownership: Pros & Cons
Advantages
- +One of the most iconic luxury retail brand names in the United States, with a 100-year history
- +Flagship Fifth Avenue store is a New York City landmark and cultural institution
- +Strong relationships with global luxury brands (though strained by bankruptcy)
- +Part of Exemplar Luxury Group with 75% debt reduction and $500M in new financing
- +Combined with Neiman Marcus and Bergdorf Goodman, creating the largest US luxury department store operator
- +Brand identity has survived multiple ownership changes over a century
Considerations
- -Parent company went through Chapter 11 bankruptcy in 2026, wiping out $1.7B owed to unsecured creditors
- -Former equity owners (HBC, Amazon) were wiped out in restructuring
- -Vendor relationships damaged by payment issues during bankruptcy
- -Luxury brands increasingly selling direct, reducing reliance on department stores
- -Department store model is structurally challenged by e-commerce and changing consumer habits
- -Store count reduced from pre-bankruptcy levels
- -No public market access for capital raising
Frequently Asked Questions About Saks Fifth Avenue
Sources & Further Reading
- Saks Fifth Avenue Official Website
- AP News: Saks Global Rebrands as Exemplar Luxury Group
- Bloomberg: Saks Wins Court Approval to Exit Bankruptcy
- WWD: Saks Global Secures $500M in Financing
- WWD: Saks Global Nears Bankruptcy Exit
- ION Analytics: Saks Global Chapter 11 Plan Analysis
- WWD: The History of Saks
- Wikipedia: Saks Fifth Avenue Flagship Store
- NYC Landmarks Commission: Saks Fifth Avenue Designation
- NYT: Saks and Gimbel's Timeline
Competitors to Saks Fifth Avenue
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Nordstrom | USA | 1901 | Upscale department-store-leader | United states | Unisex |
Competitive Analysis
Market Positioning: Saks Fifth Avenue competes with 1 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Independent Alternatives to Saks Fifth Avenue
Looking for brands with different ownership structures? These similar brands are not owned by Saks Global Enterprises, giving you alternative choices that support different corporate structures.
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Owned by Nordstrom, Inc.
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Retail EcommerceHarrods
Owned by Qatar Investment Authority
British luxury department store founded in 1849 in Knightsbridge, London, owned by Qatar Investment Authority since 2010 and attracting 15 million visitors annually.
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Harrods is owned by Qatar Investment Authority, a state owned company, a different structure than Saks Fifth Avenue's parent.
Retail EcommerceLe Bon Marche
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Publicly Traded
Le Bon Marche is owned by LVMH Moët Hennessy Louis Vuitton SE, a public company, a different structure than Saks Fifth Avenue's parent.
Retail EcommerceCasey's General Stores
Owned by Casey's General Stores, Inc.
American convenience store chain known for made-from-scratch pizza, operating approximately 2,950 stores across 19 states and headquartered in Ankeny, Iowa.
convenience-storeretailfuel
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Casey's General Stores operates independently without a large parent corporation.
Retail Ecommercenoon
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ecommercemarketplacemiddle-east
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noon operates independently without a large parent corporation.
Retail EcommercePetco
Owned by Petco Health and Wellness Company, Inc.
American pet specialty retailer offering pet supplies, food, services, and veterinary care through retail stores and e-commerce, focusing on pet health and wellness.
pet-suppliespet-foodretail
Publicly Traded
Petco operates independently without a large parent corporation.
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