Debt-riddled retail giant’s demise has cast uncertainty over the future of US luxury fashion
Beleaguered high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, a month after missing the deadline on a $100m interest payment, in one of the largest retail collapses since the pandemic.
Barely a year after a deal brought the chains Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus together, Saks Global said it had filed for chapter 11 bankruptcy “to facilitate its ongoing transformation”.
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