Saks Global has declared bankruptcy.
The owner of Saks Fifth Avenue and other iconic luxury department stores filed for Chapter 11 bankruptcy late Tuesday in the Southern District of Texas. Each of Saks Global’s marquee brands — it also owns Neiman Marcus and Bergdorf Goodman — is a luxury retailing giant founded more than a century ago.
The bankruptcy filing showed that Saks Global owes millions to the biggest names in luxury, including over $136 million to Chanel, $59 million to Gucci’s parent company, Kering, and $33 million to Michael Kors’ parent company, Capri Holdings.
As part of Saks Global’s restructuring, the company announced that former Neiman Marcus chief executive Geoffroy van Raemdonck will…