High-end department store operator Saks Global filed for Chapter 11 bankruptcy protection on Jan. 13, just over a year after completing a $2.7 billion deal that brought Neiman Marcus Group under the same corporate umbrella.
The Chapter 11 process, following the filing in the U.S. Bankruptcy Court for the Southern District of Texas, is intended to give Saks Global time to negotiate a restructuring of its debt and focus the business in areas where its luxury retail brands are “best positioned for sustainable growth,” the company said in a Jan. 14 statement.
