Saks Global files for Chapter 11 protection amid cash squeeze
TL;DR
Saks Global, owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy protection after a cash shortage and failed financing attempts. Geoffroy van Raemdonck was named CEO, and the company secured about $1.75 billion in financing to support a possible reorganization, with potential outcomes ranging from a strategic sale to liquidation of some brands and stores as bankruptcy proceedings unfold.
- Saks Global, the longtime leader of luxury department stores, files for bankruptcy protection CNBC
- Saks Global files for bankruptcy amid luxury market strains CNN
- Saks files for bankruptcy. What went wrong at the luxury retailer? BBC
- Opinion | The Debt of Saks Fifth Avenue The Wall Street Journal
- Luxury Retail Giant Saks Global Files For Chapter 11 Bankruptcy Forbes
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