Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty Images Good morning! Here is the latest in trending:No signal: Verizon (VZ) promises credits as service is restored following a nationwide outage.Fed drama: Despite a new probe, President Trump says he doesn't have plans to fire Jay Powell.New rules: Elon Musk's xAI blocks Grok from undressing images after a global backlash. It's only mid-January, but investors have already witn ...

Bankruptcies pull back the curtain on a company all at once — laying bare the troubled descent into insolvency. And while the story of Saks Global’s fall has been obsessively covered in WWD, the paperwork puts a finer point on some things that were already known and also offers up some revelations. More from WWD Here, five interesting takeaways from the declaration of Mark Weinsten, chief restructuring officer, as well as the initial filing, which detailed the retailer’s key unsecured creditors. 1. Au ...

The first major retail bankruptcy of 2026 has arrived. Most Read from Fast Company Today, Saks Global Enterprises, owner of Saks Fifth Avenue and other luxury retail brands, has filed to seek Chapter 11 bankruptcy protection. The news shows that not even companies aimed at high-end consumers are immune to economic downturns. Here’s what you need to know. What’s happened? On Wednesday, January 14, Saks Global announced that it is seeking Chapter 11 protection in the U.S. Bankruptcy Court for the Southe ...

A Saks Global bankruptcy filing is expected by early-to-mid next week, with the struggling luxury retailer submitting a reorganization plan involving scores of store closures across the portfolio. “The plan will reduce the number of unproductive Saks Fifth Avenue, Neiman Marcus and Saks Off 5th stores,” said one source, who requested anonymity. More from WWD RELATED: Vendors Speak Out About Saks Global’s Potential Bankruptcy According to multiple sources, at least 20 Saks Fifth Avenue and Neiman Marcus ...

Tuesday marked exactly one year since Saks Global — to the surprise of its many doubters — closed on its $2.7 billion deal to buy Neiman Marcus Group. While the acquisition did create a luxury department store giant including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, it did not dispel the doubters. More from WWD From the controversial decision to extend payment terms on vendors and to cover its past-due payments in monthly increments in February to a quick refinancing in August, the future ...