Beleaguered high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, a month after missing the deadline on a $100m interest payment, in one of the largest retail collapses since the pandemic.
Barely a year after a deal brought the chains Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus together, Saks Global said it had filed for chapter 11 bankruptcy “to facilitate its ongoing transformation”.
Such a move can provide a company with more time to restructure its finances without having to shut down. Saks Global said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO.
Geoffroy van Raemdonck, the former Neiman Marcus CEO,…