Saks Global has recently become the latest prominent victim of intense market competition, officially filing for bankruptcy late on Tuesday. This significant event adds its name to a growing list of major retail collapses that have occurred in the United States over the past decade, underscoring a broader trend in the industry. Many traditional, high-profile retail companies have struggled to adapt and have ultimately lost ground to the aggressive strategies of big-box and online retailers, facing cut-throat competition from these newer market entrants.

Adding to the complexity of its situation, Saks Global had acquired its rival, Neiman Marcus, in 2024, just two years prior to its own bankruptcy filing. The company operates as a conglomerate of department stores, formed under its then-parent, Hudson's Bay, and boasts ownership of several well-known luxury chains, including Saks, Neiman Marcus, and Bergdorf Goodman. Furthermore, it has been reported that Saks' CEO Baker is set to exit the luxury retailer ahead of the bankruptcy proceedings.

The collapse of Saks Global is indicative of a challenging environment for traditional retail. The past decade has seen numerous retail giants succumb to similar pressures, leading to a wave of bankruptcy filings. Notable examples include:

Lord & Taylor: In August 2020, the storied department store chain filed for Chapter 11 bankruptcy amidst the coronavirus outbreak, highlighting the severe impact of the pandemic on brick-and-mortar retail.

Neiman Marcus: This luxury department store chain itself filed for bankruptcy protection in May 2020, successfully completing its Chapter 11 process by September of that year. This occurred four years before Saks Global's acquisition of it.

J.C. Penney: Also in May 2020, the department store chain sought bankruptcy protection. By December 2020, it announced its retail and operating assets would exit Chapter 11 following an acquisition by two of its largest landlords, Simon Property Group and Brookfield Asset Management.

Barneys: The iconic New York retail establishment filed for bankruptcy protection in August 2019 and subsequently put itself up for sale. A bankruptcy judge approved the sale of Barneys' brands and intellectual property to licensing firm Authentic Brands, with the deal finalizing in November that year.

Sears: In October 2018, the parent company of Sears, Roebuck Holdings and Co and Kmart Corp filed for Chapter 11 bankruptcy. This followed a decade of consistent revenue declines and hundreds of store closures. Despite this, chairman Eddie Lampert successfully prevailed in a bankruptcy auction in January 2019 with an improved takeover bid of approximately $5.2 billion, which allowed the retailer to maintain operations.

Claire's: In August 2025, the fashion jewelry retailer filed for bankruptcy protection for the second time. Its plan included closing hundreds of stores and seeking a buyer for around 800 remaining locations.

Rite Aid: May 2025 saw the pharmacy retailer file for bankruptcy for the second time in less than two years. This move came after a prior restructuring failed to adequately address its long-term business challenges, despite reducing its debt.

Joann Fabrics: The craft retailer filed for Chapter 11 protection in Delaware in January 2025, citing significant inventory shortages. This marked its second bankruptcy filing in under a year.

Party City Holdco Inc.: In December 2024, the retailer, which had been experiencing difficulties since the pandemic, filed for Chapter 11 bankruptcy protection in the United States. This was also its second filing in a two-year period.