Saks Global has filed for bankruptcy protection

Times of ECONOMY
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Saks Global, the parent company of Saks Fifth Avenue has filed for Chapter 11 bankruptcy protection, just over a year after completing its acquisition of Neiman Marcus.

The filing follows heavy debt, liquidity issues and strained vendor relationships, despite securing about $1.75 billion in financing to support operations during restructuring. Former Neiman Marcus CEO Geoffroy van Raemdonck has been appointed to lead the turnaround.
bof states, Saks Global: When Bankruptcy Is Your Best-Case Scenario…The retailer’s Chapter 11 filing — and $1.75 billion in new financing to keep operating while it restructures — came as a relief to many in the industry. But keeping the doors open is a low bar to clear; there are still unanswered questions about the luxury department store model’s future.