Andrea Felsted, Columnist

Saks’ Downfall Is a Make-or-Break Moment for Macy’s

January 14, 2026 at 8:00 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

The end of an era?
Photographer: Scott Olson/Getty Images North America

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Macy’s Inc. has a once-in-a-lifetime opportunity to make a win out of Saks’ woes.

On Wednesday, Saks Global Enterprises, the company that combines Saks Fifth Avenue, Neiman Marcus and the operations of Bergdorf Goodman, filed for Chapter 11 bankruptcy. It’s the culmination of a sorry saga that began 18 months ago when Saks’ owner, backed by Amazon.com Inc. and Salesforce Inc., bought Neiman Marcus to give the combined company more clout with the big luxury brands.