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

Saks Global became the latest victim of the rivalry when the retail giant filed for bankruptcy late Tuesday, adding to a long list of major retail collapses in the U.S. over the past decade.

Over the past few years, many traditional high-profile retail companies have lost the battle with big box and online retailers as they faced fierce competition from these new firms.

Saks Global acquired rival Neiman Marcus in 2024, two years before filing for bankruptcy. The company, a department store conglomerate formed after then-parent company Hudson’s Bay, owns several luxury department store chains, including Saks, Neiman Marcus and Bergdorf Goodman.

Here is the list of retail giants that have filed for bankruptcy due to intense competition in the last decade.

Lord and Taylor, August 2020: The famous department store chain filed for Chapter 11 bankruptcy during the coronavirus outbreak.

Neiman, May 2020: The luxury department store Marcus chain filed for bankruptcy protection and completed Chapter 11 in September of that year.

JC Penney, May 2020: The department store chain has filed for bankruptcy protection. In December 2020, the company said its retail and business assets would emerge from Chapter 11 after its two largest landlords, Simon Property Group and Brookfield Asset Management, acquired nearly all of such assets.

Barneys, August 2019: New York’s retail icon York has filed for bankruptcy protection and put itself up for sale. A bankruptcy judge approved the sale of the Barneys brands and other intellectual property to licensing firm Authentic Brands, and the deal was completed in November of that year.

Sears, October 2018: Sears parent Roebuck Holdings and Co and Kmart Corp have filed for Chapter 11 bankruptcy after a decade of revenue declines and hundreds of store closures. The company’s chairman, Eddie Lampert, prevailed in a bankruptcy auction for the department store chain in January 2019 with an improved buyout offer of about $5.2 billion, allowing the retailer to keep its doors open.

Claire’s, August 2025: The fashion jewelry retailer has filed for bankruptcy protection for a second time with a plan to close hundreds of stores and find buyers for the remaining approximately 800 locations.

Rite Aid, May 2025: The drugstore retailer has filed for bankruptcy for the second time in less than two years after a previous restructuring reduced its debt but failed to resolve long-term business challenges.

Joann, January: The craft retailer filed for Chapter 11 protection for Fabrics 2025 in Delaware on Wednesday, saying inventory shortages have pushed it into bankruptcy for the second time in less than a year.

Party City, December: The retailer, which has been pushing Holdco 2024 since the pandemic, filed for Chapter 11 bankruptcy protection in the US for the second time in two years.