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Saks Global, the longtime leader of luxury department stores, files for bankruptcy protection
- Saks Global, the parent company behind Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, has filed for bankruptcy protection.
- The company has been running out of cash and struggling to pay its bills since its acquisition of Neiman Marcus for $2.7 billion in 2024.
- Saks had struggled to line up bankruptcy financing because some investors were concerned the company won’t be able to successfully reorganize, CNBC previously reported.
Crucially, the retailer filed for Chapter 11, which will give it the chance to reorganize its business, clear through its debts and potentially find a buyer willing to take it on as a going concern.
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