Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, is seeking a financial lifeline. The company filed for Chapter 11 bankruptcy protection late Tuesday, citing cash shortfalls and missed key payments.
Saks, which had been trying to secure $1 billion in financing to keep its stores open, recently missed interest payments to bondholders. As cash tightened, Saks stopped paying some suppliers, pushing the company closer to the brink.
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The bankruptcy filing gives the company an opportunity to restructure, and it brought back Geoffroy van Raemdonck, the former…