Holders of $895-a-Year AmEx Card Are Rushing to Spend Saks Perk

American Express card holders and other shoppers are hurrying to spend store credits and gift cards at Saks Fifth Avenue as the cash-strapped retailer heads toward a potential bankruptcy restructuring.

When a company files for bankruptcy, it’s not automatically required to honour gift cards, sometimes leaving consumers empty-handed.

That’s worrying for customers such as Julia Portela, a 38-year-old travel content creator in Miami. Her American Express Co. Platinum card has an annual fee…