Keystone
The financially troubled luxury department store group Saks Global has filed for bankruptcy protection in the USA. The company filed for restructuring proceedings under Chapter 11 of the US Bankruptcy Code, as it announced.
The proceedings are also intended to give the luxury retailer scope to negotiate a debt restructuring with creditors or take other steps to ensure its continued existence.
The company also said it had secured a financing commitment of around 1.75 billion US dollars and announced the appointment of a new CEO.
Saks Global was formed in…