Savvy shoppers can still bank on Saks’ bankruptcy.
Luxury retailer Saks Global is reportedly planning to file for Chapter 11 bankruptcy as soon as Sunday, sparking concern among shoppers who have gift cards and other perks with the luxe department store.
In particular, American Express Platinum cardholders stand to lose out on their twice-annual $50 Saks Fifth Avenue credit should the company permanently shut up shop.
According to Bloomberg, a company is not automatically required to honor gift cards after filing for bankruptcy, but Columbia University law professor Edward Morrison told the publication that “there’s a high probability that Saks will honor” both gift cards and credits into the future.
A Chapter 11 bankruptcy filing is designed for a company to reorganize and restructure its debts, while continuing to operate as usual, rather than shutting down and liquidating assets as is the case during a Chapter 7 bankruptcy, per the official United States Courts website.
Some fashionable consumers might remember when style giant J.Crew filed for Chapter 11 bankruptcy back in 2020 and lived to tell the tale — continuing to fulfill all orders and keep stores open amid the financial fiasco.
American Express told The Post that eligible cardholders “can enroll and continue to use their Saks Fifth Avenue benefit at this time. ”
Still, Morrison says “it’s rational” for current cardholders to redeem perks as soon as possible, due to a possible rush on inventory.
Given the company’s current clearance sale, with prices slashed by up to 70%, there are some serious bargains to be had.
Below, our top picks for those looking to scoop up something at Saks soon.
We’ve highlighted some favorites for under $50, meaning they’re perfect for American Express Platinum cardholders ready to redeem their perk.
January is notoriously dry, which is why celebs and the Post swear by Dior Addict Lip Glow. It glides on easily and is ultra-moisturizing, giving that perfect hit of hydration for the winter months.
The global obsession with Korean beauty stems from its ability to produce tangible results. This potent Vitamin C elixir penetrates the surface to hydrate and illuminate, creating the coveted glass skin effect while refining uneven texture and softening fine lines.
A designer handbag is always a sound investment. If you aren’t quite ready to commit to a Chanel, we recommend this entry-level classic lambskin flap. Style icons like Bella Hadid, Zoë Kravitz, and Sydney Sweeney have been toting YSL for years, showcasing this is one classic that won’t be going out of style anytime soon.
As seen on Bella Hadid, this chic leather tote fits the mood year-round for any occasion. One size fits all, and zero regrets on this purchase. Available in three colors.
An oversized cardi is a safe bet, especially when it’s cashmere. Guest in Residence is known for its commitment to quality and well-made items. Plus, it’s available in five different shades.
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