U.S. luxury department store group Saks Global announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In an effort to rebuild its business foundation amid intensifying competition in the luxury market, the company has secured approximately $1.75 billion in financing commitments and has entered a formal restructuring process.
Saks Global is a New York–based privately held company that owns some of the most iconic luxury department store brands in the United States, including Bergdorf Goodman, Saks Fifth Avenue, and Neiman Marcus. The Chapter 11 filing was made in the U.S. Bankruptcy Court for the Southern District of Texas.
The filing does not signal a cessation of operations. According to the company’s official announcement, all brand stores and e-commerce platforms will remain open and operating as usual. Customer programs will continue to be honored, and payments to vendors as well as employee wages and benefits are expected to be maintained throughout the restructuring process.