The shine, however, masks a retailer under pressure. On Friday, Saks named a new CEO, capping a tumultuous 12 months for the heavily leveraged department store owner. After months of restructurings, lawsuits, missed payments, and broken promises, Saks Global is now facing the possibility of a Chapter 11 bankruptcy. What happens next could have consequences for customers. Brands - some of which haven't been paid in full for over a year - have paused shipments to Saks' stores, and creditors are awaiting news of its financial future.