MajorsJan 26, 2026
Francesca’s To Close All StoresMajorsFeb 04, 2026
What Designers Should Know About Saks Global’s Bankruptcy
From how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
Saks Global, parent company of Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and other retailers, filed Chapter 11 last month, leaving vendors with unanswered questions.
New York—Saks Global filed for Chapter 11 bankruptcy protection last month as the retailer continues to struggle under the weight of its debt and declining sales in its department stores.
In the months leading up to the bankruptcy filing, the company’s vendors reported having trouble getting their invoices paid.
The retailer’s liabilities are estimated to be between $1 billion to $10 billion, and it owes money to more than 10,000 creditors, as per court documents.
Its top unsecured creditors include Chanel ($136 million) and Kering ($59.9 million), with jewelry brands like David Yurman and Roberto Coin also owed millions.
The ongoing bankruptcy has left vendors with outstanding invoices and a lot of questions.
Last week, National Jeweler connected with Sara Yood, CEO and general counsel at the Jewelers Vigilance Committee, to help shed some light on the situation.
What is Chapter 11 bankruptcy?
When a company files for Chapter 11 bankruptcy protection, it’s looking to reorganize. It is not the same as a Chapter 7 bankruptcy, in which a company liquidates and ceases to exist.
“It allows the company in bankruptcy to shed certain debts, get rid of certain contracts or commitments, get new financing, and emerge on the other side with a new capital structure,” explained Yood.
As part of the proceedings, Saks Global secured financing of $1.75 billion, including $1.5 billion from an ad hoc group of its senior secured bondholders and $240 million of incremental liquidity from its asset-based lenders.
The funds will be used to strengthen its balance sheets and continue operations, it said.
Does this mean Saks doesn’t have to pay the money it owes its vendors?
Not exactly; a Chapter 11 filing doesn’t absolve Saks from ever paying a jewelry designer or any other vendor.
However, Yood said, jewelry designers may receive less than full value, or no value, on their claims as a result of the proceedings.
Can I still receive money owed to me by Saks?
It is possible to get that money back, but it does depend on the type of claim the designer has.
In general, a creditor has to file proof of a claim, Yood said. When Saks exits bankruptcy, there will be a court-approved reorganization plan.
This plan will outline the repayment of various claims, including the amounts that will be paid.
“It will also depend on what arrangements are negotiated with the debtors by each creditor, including for products supplied during the bankruptcy,” she said.
“Designers should seek counsel from an attorney familiar with bankruptcy practice to understand what rights they have and how best to enforce them.”
Related stories will be right here …
In the months leading up to the bankruptcy filing, the company’s vendors reported having trouble getting their invoices paid.
The retailer’s liabilities are estimated to be between $1 billion to $10 billion, and it owes money to more than 10,000 creditors, as per court documents.
Its top unsecured creditors include Chanel ($136 million) and Kering ($59.9 million), with jewelry brands like David Yurman and Roberto Coin also owed millions.
The ongoing bankruptcy has left vendors with outstanding invoices and a lot of questions.
Last week, National Jeweler connected with Sara Yood, CEO and general counsel at the Jewelers Vigilance Committee, to help shed some light on the situation.
What is Chapter 11 bankruptcy?
When a company files for Chapter 11 bankruptcy protection, it’s looking to reorganize. It is not the same as a Chapter 7 bankruptcy, in which a company liquidates and ceases to exist.
“It allows the company in bankruptcy to shed certain debts, get rid of certain contracts or commitments, get new financing, and emerge on the other side with a new capital structure,” explained Yood.
As part of the proceedings, Saks Global secured financing of $1.75 billion, including $1.5 billion from an ad hoc group of its senior secured bondholders and $240 million of incremental liquidity from its asset-based lenders.
The funds will be used to strengthen its balance sheets and continue operations, it said.
Does this mean Saks doesn’t have to pay the money it owes its vendors?
Not exactly; a Chapter 11 filing doesn’t absolve Saks from ever paying a jewelry designer or any other vendor.
However, Yood said, jewelry designers may receive less than full value, or no value, on their claims as a result of the proceedings.
Can I still receive money owed to me by Saks?
It is possible to get that money back, but it does depend on the type of claim the designer has.
In general, a creditor has to file proof of a claim, Yood said. When Saks exits bankruptcy, there will be a court-approved reorganization plan.
This plan will outline the repayment of various claims, including the amounts that will be paid.
“It will also depend on what arrangements are negotiated with the debtors by each creditor, including for products supplied during the bankruptcy,” she said.
“Designers should seek counsel from an attorney familiar with bankruptcy practice to understand what rights they have and how best to enforce them.”
What is the difference between a secured and an unsecured creditor? Who gets paid first?
A secured creditor is an entity “that [has] made the loan correctly and legally taken all the steps to perfect a security interest in the goods provided and notified any other creditors of their interest,” said Yood.
An unsecured creditor is an entity that is owed money but does not have a security interest in a specific asset.
In general, secured creditors are paid before unsecured creditors in a Chapter 11, said Yood, but the process can be more complex.
Will I get my merchandise back from Saks?
Possibly. It depends on the wording and nature of the agreements with debtors, Yood said.
For a designer to get their merchandise back, it may require an agreement between the various parties and lenders or a court order.
Can I get my money or merchandise back now? Do I have to wait for the bankruptcy proceedings to play out?
Possibly. The best thing to do is to contact a bankruptcy attorney to understand the options available, Yood said.
“The bankruptcy court has approved certain procedures related to funding the debtors’ ongoing operations during the bankruptcy, including some that would allow for repayment of certain claims or portions of claims on terms negotiated with the debtors and stakeholders and approved by the court,” she said.
What are the best ways for a designer to protect themselves when doing business with a retailer?
Yood advised jewelry designers to file a Uniform Commercial Code (UCC) and keep them updated, as they only last for a few years.
The form outlines the designer’s security interest in the products at issue.
“Make sure that any consignment agreements are crystal clear as to the designer maintaining title and ownership to the pieces placed on consignment,” Yood said.
“The jewelry business is inherently risky, but we know [it] relies on memo business, so you have to do things to mitigate that risk.”
JVC’s guide to memo transactions is available here.
Editors' Picks
Sponsored by
MajorsJan 22, 2026
Lugano Diamonds Finds a Buyer
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOMore on Majors
The Latest
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
