Investors have known Saks was struggling for years— it’s now reached its breaking point. Late payments to vendors, a failed turnaround attempt, declining sales and a missed interest payment to bondholders for its Neiman Marcus acquisition ultimately led to a Chapter 11 bankruptcy at the start of 2026. CNBC’s Gabrielle Fonrouge breaks down how one of America’s most beloved department stores landed itself here. Watch the video to learn more.