I went to Saks Fifth Avenue to see why the iconic department store was struggling. Hours later, it filed for bankruptcy.

Tech Insider : Business
Saks main floor
On the day it filed bankruptcy, Saks was nearly empty as sales associates waited to hear about the store's fate.

Madeline Berg/Business Insider

Saks owes hundreds of millions to luxury brands from Chanel to Burberry

Tech Insider : Business
A person enters the Saks Fifth Avenue department store in New York on January 13, 2026.
A person enters the Saks Fifth Avenue department store in New York on January 13, 2026.

ANGELA WEISS / AFP

Luxury retail giant Saks files for bankruptcy

Tech Insider : Business
saks
Saks Global, which owns the iconic Saks Fifth Avenue department store, has filed for bankruptcy.

Jimin Kim / SOPA Images/Reuters

A billionaire's life is on the auction block. The fire sale includes a Gilded Age mansion and a 15-room NYC penthouse.

Tech Insider : Business, Style
Miles Guo in his NYC apartment in 2017
Miles Guo in his NYC apartment in 2017

TIMOTHY A. CLARY/AFP via Getty Images

Inside Saks Fifth Avenue's fight for its life: How a tumultuous 12 months left the retailer on the brink of bankruptcy

Tech Insider : Business, Economy, Technology
Torn Black Saks Fifth Avenue Shopping Bag.
Saks Global, the company behind some of the most iconic luxury department stores, is in trouble.

Getty Images; Alyssa Powell/BI

Bankruptcies are exploding across the economy, hitting small businesses and households. Few industries are immune.

Tech Insider : Economy, Economy, Business
bankrupt signage.
US bankruptcies are on the rise.

doockie/Getty Images

Red Lobster's CEO joined 3 months after the bankruptcy. He says morale was 'very low' and people were 'beat down.'

Tech Insider : Business
Red Lobster CEO Damola Adamolekun is pictured.
Red Lobster CEO Damola Adamolekun is trying to turn the company around after it filed for bankruptcy.

Paula Lobo/American Broadcasting Companies, Inc. via Getty Images

Tricolor's founder compared the auto lender to Enron in private call: Feds

Tech Insider : Business
Tricolor Dealership

Bloomberg/Bloomberg via Getty Images

iRobot filed for bankruptcy: How the Roomba maker got here

Tech Insider : Business, Technology
iRobot's Roomba vacuums.
iRobot, the parent company of Roomba, filed for Chapter 11 bankruptcy protection.

Justin Sullivan/Getty Images

Hollywood post-production firm tied to Al Pacino project files for Chapter 11 after parent company touted $1B financing

Tech Insider : Business
Tim Chonacas and an image of the Hollywood sign.
Tim Chonacas co-founded Gold Tree Studios in Hollywood.

Jordan Naylor/Getty Images for SXSW; Patrick T. Fallon / AFP via Getty Images

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