Luxury Retailer Saks Global Files For Bankruptcy

Luxury retailer Saks Global has filed for bankruptcy, preparing to reposition itself after obtaining about $1.75 billion in financing commitments. The private company that owns retailers Saks Fifth Avenue and Neiman Marcus said in a release Wednesday that it had filed for Chapter 11 bankruptcy in the Southern District of Texas. Top executive, Marc Metrick, stepped down earlier this month as the company struggled with debt it took on for its $2.65 billion acquisition of Neiman Marcus in 2024. The company is facing increasing competition as it tries to winnow down its heavy debt load, while its customers have balked against extravagant price hikes.