Saks Potentially Faces Bankruptcy: Use Gift Cards and Credits Now
Reports say Saks Global may consider Chapter 11. If you have gift cards or statement credits, using them early can reduce risk.
Written by: Sebastian Fung|Last updated: January 07, 2026
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Multiple news outlets are reporting that Saks Global (the parent of Saks Fifth Avenue and Neiman Marcus) is preparing for a potential Chapter 11 filing after missing an interest payment of more than $100M due December 30, 2025, and it has been in talks with creditors about financing.
Reuters also reported a CEO change, with Marc Metrick stepping down and Richard Baker taking over.
Chapter 11 is typically a reorganization, not an immediate liquidation. That said, consumer programs can change fast once bankruptcy is in play. Gift cards are generally treated as a company obligation, and whether they’re honored can depend on what the company asks the court to approve.
If you’re sitting on a stack of Saks Fifth Avenue gift cards or have a credit card that offers statement credits, I suggest using them sooner rather than later, since we don’t know what’s going to happen.
Use Saks Gift Cards and Credits
This is not a prediction that Saks is “done.” It’s just basic risk management when there’s credible Chapter 11 reporting and financing chatter.
- Use outstanding Saks gift cards sooner rather than later, especially if you were planning a purchase anyway.
- Use any Saks credits tied to your credit cards early this half-year. Enrollment may be required.
The risk is that gift cards and store credits can turn into a hassle once bankruptcy is involved. If you have value sitting at Saks, I’d use it now instead of waiting.
Using Saks Gift Cards Online
Pro tip: You can use up to 9 gift cards when making an online purchase.
I recommend buying things that are in stock and ready to ship. Avoid any preorders or waitlists, as it's unlikely new inventory will arrive during a bankruptcy.
Items to consider:
- Holiday cookies for under $50
- Skincare, like sunscreen or lotions (sorted from low to high here)
- Home items like towels or candles (sorted from low to high here)
- If you have a lot of gift cards, Canada Goose still has a wide range of styles and sizes available. Some of my favorite styles include the Lodge Down Jacket and the Paradigm Chilliwack. Perfect for winter trips!
Bottom line
I hope Saks stabilizes and this becomes a non-event. With credible Chapter 11 reporting in the mix, I’d rather use the current Saks credit window early, and if I had a lot of gift cards, I’d work on using those too.
In this article
- What to do now
- Using Saks Gift Cards Online
- Bottom line