One Westfield Place Update After Parent Company Files For Bankruptcy

WESTFIELD, NJ — Mayor Jeremy Berman provided the Town of Westfield with an update this week on where talks surrounding One Westfield Place stand after the news broke that its parent company filed for bankruptcy.

On Jan. 14, Saks Global, which oversees SW Westfield and other development entities, shared that they have filed for Chapter 11. SW Westfield was formerly known as "Streetworks."

"The Council remains focused on protecting the Town's fiscal health, limiting the risk to taxpayers, and ensuring that any outcome is realistic, sustainable, and aligned with the long-term interests of our community," Berman assured residents as he addressed the room at the Town Council meeting on Tuesday night.

He shared that a private executive meeting would be held immediately following the public session to address ongoing internal discussions on the project. The meeting included redevelopment attorneys and their bankruptcy law partner to come together as an elected body.

He also underscored that while he appreciates everyone's concerns, every claim or assumption circulating publicly does not reflect the full picture.

"I appreciate all those who have added their voices to the conversation, and I will continue to listen carefully as we move forward," he added.

Berman said additional information will continue to be shared as it is legally appropriate.

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.

Along with the news of its filing for Chapter 11, 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 late 2025, the Town reached a settlement with the group that brought four legal challenges against the plans, the Westfield Advocates for Responsible Development.

"There are now even more urgent and serious questions regarding the ability of Streetworks and/or associated LLCs to fully finance and complete this massive development project," the Advocates said in reaction to the bankruptcy news.

READ MORE OF THEIR RESPONSE HERE: One Westfield Place Challengers Respond To Saks Bankruptcy Filing