YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Saks Global, the parent company of luxury retailer Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection late Tuesday. The company had struggled with a heavy debt load following its purchase of rival Neiman Marcus in 2024.
Saks was in a precarious financial situation before its Nieman merger, and the combination of luxury department stores failed to drive enough efficiencies to overcome the company’s massive debt load.
The merger was also ill-timed, as Americans have shifted their retail habits in recent years away from big department stores.
Read more from CNN.
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