Social media users in Kazakhstan are actively discussing rumors about the alleged «bankruptcy» of the luxury boutique Saks Fifth Avenue in Almaty. Posts making the claim have gained traction on the Threads platform.
Bankruptcy filing linked to U.S. parent company
The bankruptcy filing, however, was made not by the Almaty boutique but by Saks Global, the U.S.-based parent company that owns the Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus brands. The filing was submitted to a Texas court under Chapter 11 of the U.S. Bankruptcy Code.
A Chapter 11 filing does not signal the closure of a business. Instead, it is commonly used to allow companies to restructure debt while continuing operations.
Debt tied to Neiman Marcus acquisition
In a press release, Saks said the move is intended to help the company manage its debt obligations. Financial pressures emerged after the acquisition of Neiman Marcus, which was financed through billions of dollars in borrowing. Within months, Saks reportedly faced challenges servicing that debt.
International stores not affected
The company emphasized that the Chapter 11 process does not involve store closures and does not affect the operations of Saks boutiques outside the U.S.
According to Forbes, the Saks Global brand has officially operated in Kazakhstan since 2012 under a licensing agreement with the Kazakh company Viled Group. The agreement was renewed in 2022 and is valid through 2032.
