Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself in the increasingly competitive upscale market after obtaining about $1.75 billion in financing commitments.
The New York-based private company that owns retailers Saks Fifth Avenue and Neiman Marcus said in a release Wednesday that it had filed for Chapter 11 bankruptcy in the Southern District of Texas.
The company’s top executive, Marc Metrick, stepped down earlier this month as the firm struggled with debt it took on for its $2.65 billion acquisition of Neiman Marcus in 2024. He was succeeded as CEO by executive chairman Richard Baker, who quit both roles earlier this week and was replaced as chief execute by Geoffroy van Raemdonck.
The company is also facing increasing competition as it tries to winnow down its heavy debt load, while its customers have balked against extravagant price hikes.
The company said it was “evaluating its operational footprint to invest resources where it has the greatest long-term potential.”
Saks said it did not expect its operations to be disrupted and it would continue to honor its customer programs and pay its suppliers and employees.
It said it has financing commitments of $1.5 billion from some of its creditors and another $240 million in “incremental liquidity” from its lenders.
Hudson’s Bay Co., the Canadian owner of Saks Fifth Avenue, split off the luxury retailer’s e-commerce business, Saks.com, in 2021. After acquiring Neiman Marcus three years later, Saks Fifth Avenue changed its name to Saks Global.
Global sales of luxury goods are expected to contract for the second straight year in 2026 as consumers anxious about the global economy pare back their spending, according to a study by Bain & Co. consultancy released in November.
Hudson’s Bay, Canada’s oldest company, moved to begin liquidating all but six of its stores in March 2025.
FILE - Saks Fifth Avenue holiday light show and window reveal on Monday, Nov. 24, 2025, in New York. (Photo by Evan Agostini/Invision/AP, File)
FILE - Saks Fifth Avenue President Marc Metrick poses for a portrait inside the company's flagship Fifth Avenue store, in New York, on Wednesday, Feb. 20, 2019. (AP Photo/Kathy Willens, File)
Iran's top judge hinted at fast trials and executions for those who were detained in nationwide protests against the country's theocracy, even as activists said Wednesday that the death toll rose to levels unseen in decades with at least 2,572 people killed so far.
Iran’s judiciary chief Gholamhossein Mohseni-Ejei made the comments about trials and executions in a video Tuesday, despite a warning from U.S. President Donald Trump that he would “take very strong action” if executions take place.
The U.S.-based Human Rights Activists News Agency said the number of dead climbed to at least 2,571 early Wednesday. The figure dwarfs the death toll from any other round of protest or unrest in Iran in decades and recalls the chaos surrounding the country’s 1979 Islamic Revolution.
After Trump was informed on the number of deaths, he warned Iran's leaders that he was terminating any negotiations and would “act accordingly.”
Details of the crackdown began emerging Tuesday as Iranians made phone calls abroad for the first time in days after authorities severed communications countrywide when the protests broke out.
Here is the latest:
Major Middle East governments were discouraging the Trump administration from waging a war with Iran, fearing “unprecedented consequences” in the volatile region, an Arab Gulf diplomat said Wednesday.
The Cairo-based diplomat said major governments in the region including Turkey, Egypt, Saudi Arabai and Pakistan have been “in constant contact” with the U.S. administration over a potential American strike on Iran that could explode into a “full-blown war.”
Such a war will “certainly” have dire repercussions “not only on the Middle East but also on the global economy," he said.
Iran and its proxies, the Houthis and the Iraqi militias, could strike back, targeting “not only American assets, but also oil facilities and maritime routes," he said.
Iranian state television said Wednesday’s mass funeral in Tehran would include 300 bodies of security force members and civilians. The funeral is expected to take place at Tehran University under heavy security.
The Human Rights Activists News Agency, which is tracking the death toll, said more than 2,550 people have been killed, 2,403 protesters and 147 government-affiliated.
Twelve children were killed, along with nine civilians it said were not taking part in protests. More than 18,100 people have been detained, the group said.
Gauging the demonstrations and the death toll from abroad has grown more difficult and The Associated Press has been unable to independently assess the toll given the communications being disrupted in the country.
Melanie Lidman contributed from Jerusalem.
Trump’s decision to impose a 25% tariff on countries that trade with Iran could impact India, an expert said, as New Delhi already faces existing 50% U.S. trade levies due its purchases of Russian oil.
Abhijit Mukhopadhyay, a senior economist at the Chintan Research Foundation in New Delhi, said the bigger risk is not India-Iran trade, but India’s access to the U.S. market as its exports to Iran are modest.
India mainly exports rice, tea, sugar, pharmaceuticals and electrical machinery to Iran, while importing dry fruits and chemical products. Textiles and garments, gems and jewelry and engineering goods are likely to be the most vulnerable sectors, he said.
Trump’s latest move also could affect India’s investments in Iran including the strategically important Chabahar port, which gives India a trade route to Afghanistan, Central Asia and Europe while bypassing Pakistan, Mukhopadhyay said.
Iran’s judiciary chief signals fast trials and executions for those detained in nationwide protests.
Gholamhossein Mohseni-Ejei made the comment in a video shared by Iranian state television on Wednesday.
He emphasized the need for swift action, saying delays would lessen the impact.
His remarks challenge Trump, who warned Iran about executions in an interview aired Tuesday.
Trump stated the U.S. would take strong action if Iran proceeded with executions. The situation highlights escalating tensions between the two countries over the handling of the protests.
Dozens of Pakistani students studying in Iran have returned home through a remote southwestern border crossing, a Pakistani immigration official said Wednesday.
Federal Investigation Agency spokesperson in Quetta city, Samina Raisani, said about 60 students crossed into Pakistan on Tuesday through Gabd border in Balochistan province with valid travel documents.
More students were expected to return through the same crossing later Wednesday, she said.
Mudassir Tipu, Pakistan’s ambassador to Iran, said Tuesday that Iranian universities had rescheduled exams and permitted international students to leave the country.
The satellite internet provider Starlink now offers free service in to people Iran who have access to the company's receivers, activists said Wednesday.
Mehdi Yahyanejad, a Los Angeles-based activist who helped get the units into Iran, told The Associated Press that the free service had started. Other activists also confirmed in messages online that the service was free.
Starlink has been the only way for Iranians to communicate with the outside world since authorities shut down the internet Thursday night as nationwide protests swelled and they began a bloody crackdown against demonstrators.
Starlink did not immediately acknowledge the decision.
This frame grab from videos taken between Jan. 9 and Jan. 11, 2026, and circulating on social media purportedly shows images from a morgue with dozens of bodies and mourners after crackdown on the outskirts of Iran's capital, in Kahrizak, Tehran Province. (UGC via AP)
