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
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
