(RTTNews) - Saks Global is considering filing for Chapter 11 bankruptcy as it is struggling to secure up to $1 billion in debtor-in-possession financing to keep operating, according to a Bloomberg News report, citing people familiar with the matter.
The retailer, which owns Neiman Marcus and Bergdorf Goodman and operates more than 70 full-line stores and about 100 off-price locations, is already in talks with liquidators over some store closures, the report added.
Saks' financial strain has intensified since its debt-heavy $2.7 billion acquisition of Neiman Marcus in 2024. Late payments to vendors have disrupted inventory, while a broader slowdown in luxury spending has weighed on sales, undermining the turnaround the merger was meant to deliver.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
