Saks Global nearing $1.75 billion financing plan ahead of bankruptcy filing: report

Driven by the vision of real estate investor Richard Baker, Canada-based conglomerate Hudson's Bay Co, which had owned Saks since 2013, bought rival Neiman Marcus in 2024 for $2.65 billion and spun off its US luxury assets to create Saks Global. The plan was to more easily take on competitors like Bloomingdale's and Nordstrom by bringing together two of America's best-known department store chains.