One Westfield Place Partner Files For Bankruptcy: What To Know

WESTFIELD, NJ — The One Westfield Place redevelopment project was hit with a setback on Wednesday after Saks Global filed for Chapter 11 bankruptcy.

Saks is the parent company of SW Westfield and other development entities, including eight LLCs that were established for the project. SW Westfield was formerly known as "Streetworks."

"The Town has been closely following the ongoing financial reporting regarding Saks Global," Mayor Jeremy Berman said. "The most recent news of the Chapter 11 bankruptcy filing is unfortunate, but not surprising."

Berman assured the Town that he and his fellow leaders remain committed to the project and holding all developers accountable while making sure that Westfield remains financially protected.

Redevelopment attorneys for the Town are currently reviewing the filings to prepare their findings for the Council to discuss on how to move forward under the outstanding agreements with SW Westfield.

Berman added that the Town still owns all the municipal parking lots in the plan and has not been financially exposed due to the situation.

Saks Global is also the parent company of stores such as Neiman Marcus, and Bergdorf Goodman.

On Wednesday, the group said it had secured a $1.75 billion financing package that will keep its stores operating for the time being.

Officials have still not announced a date for breaking ground on the One Westfield Place project, one that former Mayor Shelley Brindle said will infuse $375 million into the downtown economy and another $42 million in infrastructure and streetscape improvements.

She also has highlighted the "$165MM in PILOT revenue will diversify and stabilize our tax base, benefiting all taxpayers."

In November 2025, the Town reached a settlement with the group that brought four legal challenges against the plans, the Westfield Advocates for Responsible Development.

Patch has reached out to Saks Global and the Westfield Advocates for comment on the news of the Chapter 11 filing and is yet to hear back.

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