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fromABC7 Los Angeles
3 months ago

Luxury retailer Saks Global files for bankruptcy as it prepares to restructure

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself in the increasingly competitive upscale market after obtaining about $1.75 billion in financing commitments. The New York-based private company that owns retailers Saks Fifth Avenue and Neiman Marcus said in a release Wednesday that it had filed for Chapter 11 bankruptcy in the Southern District of Texas. The company's top executive, Marc Metrick, stepped down earlier this month as the firm struggled with debt it took on for its $2.65 billion acquisition of Neiman Marcus in 2024.
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