Awning with Saks Fifth Avenue logo outside department store on a clear day in San Francisco, California, on May 13, 2025 (Smith Collection/Getty Images)

one battle after another

Saks Global nears bankruptcy as department stores lose ground in America

On top of its debt-laden luxury merger, the retailer’s operating in a sector that’s been in retreat for over 20 years.

Hyunsoo Rim

1/12/26 10:15AM

Saks Global is on the brink of filing for Chapter 11 bankruptcy, according to multiple reports Friday, just a year after the group was stitched together in a $2.7 billion deal that was meant to create a luxury retail powerhouse, but instead left it saddled with debt.

The 2024 merger combined Saks Fifth Avenue — the more than 150-year-old flagship — with Neiman Marcus, financed with about $2.2 billion in debt as the company bet on scale. That left little room for error when a softer luxury market and falling foot traffic set in. By October, Saks posted a 13% year-on-year revenue drop, while leaving some vendors unpaid for months and prompting many to halt shipments.

The squeeze came to a head in late December, when the retailer missed a $100 million interest payment, pushing a bankruptcy filing firmly into view. Saks is now seeking a $1.25 billion lifeline loan to keep its stores running during the legal process, per Bloomberg.

But while its immediate crisis may be debt-driven, Saks’ troubles also reflect a longer trend: America’s department stores are dying.

Per US Census Bureau data, department store sales peaked around the turn of the century and have trended lower ever since, as retail supercenters, warehouse clubs, and e-commerce ate into their business.

Saks may be an extreme case with its debt problem, but it’s hardly alone: Macy’s just announced plans to close 14 more stores this year, part of a turnaround plan to shutter ~150 underperforming locations by the end of 2026. Kohl’s warned in November that net sales would drop 3.5% to 4.0% in full-year 2025 amid shifting consumer habits. And recent Placer.ai data shows that off-price and warehouse retailers once again drew more foot traffic than traditional department stores this past holiday season.

Max Knoblauch6/15/26

Electronic Arts launches a platform to put more ads in its games

Video game publishing giant EA launched a new platform on Monday designed to make the process of selling immersive ad space in its popular games easier.

The company says the platform, called EA Advertising, allows brands to “integrate directly into gameplay through dynamic, real-time placements, from stadium signage to custom in-game content.”

More so than other studios, EA has incorporated advertising into its most popular titles. As Kotaku points out, the company’s ad efforts stretch as far back as 2006. Several of its sports franchises already feature partnerships with brands like Visa, Lowe’s, Red Bull, and PepsiCo.

In-game advertising hasn’t exactly been embraced by fans, but industry experts expect it to ramp up as companies seek more revenue to offset higher games budgets and surging memory costs. EA rival Take-Two has taken a different approach, with CEO Strauss Zelnick recently saying the company was “not at risk of doing brand partnerships” in the forthcoming “Grand Theft Auto VI,” and that ads in full-price games seems “unfair.”

The $55 billion deal to take EA private, led by Saudi Arabia’s Public Investment Fund, is set to close at the end of this month. Being the largest leveraged buyout in history, EA will likely look for more ways to boost revenue to cover interest payments.

Electronic Arts Makes Push for Ad Dollars Tied to Sports

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JM Smucker says it sold $1 billion worth of Uncrustables in FY2026

After years of booming sandwich sales, JM Smucker has finally earned a billion-dollar crust.

On Tuesday, the company reported results for fiscal year 2026, highlighting better-than-expected profits driven by higher prices for coffee and sweet baked goods. However, at another point on the earnings call, CEO Mark Smucker pointed to one particularly jammy figure: in line with previous forecasts, the company sold $1 billion worth of its (almost always) crustless sandwiches, Uncrustables, in the last year alone.

Max Knoblauch6/8/26

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

Max Knoblauch6/8/26

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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