Update 1/15/26: The court has approved the retailer’s request to “honor all Gift Cards purchased by or issued to customers prior to the Petition Date and maintain the Gift Card Programs in the ordinary course of business, consistent with past practice.” So we’re safe for now.
Update 1/14/26: Official now, Saks has filed for Chapter 11 Bankruptcy.
Original post: There has been rumblings that Saks Fifth Avenue has been nearing bankruptcy for the last few months, but WSJ is now reporting that Saks is preparing for bankruptcy after missing a debt payment. This is significant as many readers hold Saks Fifth Avenue gift cards and have credits from the American Express platinum card.
Stock isn’t good at the moment as many vendors are withholding merchandise due to unpaid invoices. I’d advise using any credits and gift cards ASAP.
