Saks Global files for bankruptcy, shakes up leadership after a year of struggles

Saks Global on Wednesday filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The move comes after a year of financial struggles following a $2.7 billion deal to merge Saks Fifth Avenue and the Neiman Marcus Group.

The luxury department store company enters bankruptcy court with a $1.75 billion financing package, including $1.5 billion from an ad hoc group of its senior secured bondholders and about $240 million of incremental liquidity from its asset-based lenders.

The stores and e-commerce sites run by Saks Global’s retailers — Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks Off 5th, Last Call and Horchow — remain open to customers, the company said Wednesday.

Saks Global files for bankruptcy, shakes up leadership after a year of struggles | Retail Dive

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