6 major retail bankruptcy cases of 2026, from Saks to Eddie Bauer

Saks Global has been one of the higher-profile retail bankruptcy cases this year. After weeks of public speculation, the luxury store voluntarily filed for Chapter 11 bankruptcy protection in January.

The owner of Saks Fifth Avenue and Neiman Marcus has since said it would close some US stores, focusing more on luxury and less on off-price retail, such as its Saks Off Fifth and Neiman Marcus Last Call locations.

In April, Saks Global said it resolved a dispute with key landlord Simon Property Group and also received court approval to raise up to $500 million from a group of investors.

Saks Global aims to exit bankruptcy this summer.

Cosmetics brand Pat McGrath Labs — sold in stores like Sephora, Ulta Beauty, and Nordstrom — said in April that it had completed a Chapter 11 process that it began in January. Founder Pat McGrath, known for styling top models, is staying on as chief creative officer.

The company said it received $65 million of financing and support that would allow it to pursue a new chapter of growth.

Fat Brands, the parent company of burger joints like Fatburger and Johnny Rockets, filed for Chapter 11 in January to restructure about $1 billion in debt.

The company cited a “challenging operating environment over the last few years” and said its 18 brands and 2,200 restaurants would remain operating as usual during the bankruptcy process.

A sale of the business could come as early as May.

Women’s fashion retailer Francesca’s once again filed for Chapter 11 in February, a few years after it was acquired out of an earlier bankruptcy.

With about $30 million in secured debt, as much as $100 million in liabilities, and no buyer, the company said in March that it would liquidate all inventory and close all 457 stores.

Outdoor retailer Eddie Bauer filed for Chapter 11 in February. Catalyst Brands, which owned Eddie Bauer’s US and Canadian retail operations, said it needed to wind down the brand’s nearly 200 stores after failing to find a buyer.

The bankruptcy does not affect Eddie Bauer’s manufacturing, wholesale, or e-commerce operations, nor its retail business outside the US and Canada. Japan is home to several Eddie Bauer stores.

Home-shopping company QVC Group said in April that it was entering Chapter 11 to restructure its finances for QVC, HSN, and Cornerstone Brands.

The company said it plans to continue operating as usual with no planned layoffs or furloughs. The move is expected to last about 90 days and leave the company with $1.3 billion in debt, down from $6.6 billion.

QVC and HSN popularized TV-based shopping, but the company has faced stiff competition as audiences shift toward social-shopping platforms like TikTok Shop.