The company that owns the iconic luxury retailer Saks Fifth Avenue filed for bankruptcy late Tuesday.
The move comes after Saks Global struggled with debt it took on to buy rival Neiman Marcus, lagging department store sales and a rising online market.
It’s one of the largest retail collapses since the Covid-19 pandemic, and casts further doubt over the future of luxury fashion.
The retailer, which also owns Bergdorf Goodman, said early Wednesday its stores would remain open for now after it finalized a $1.75 billion financing package and appointed a new CEO.
The court process is meant to give the luxury retailer room to negotiate a debt restructuring with creditors or sell itself to a new owner to stave off liquidation. Failing that, the company may be forced to shutter.
Former Neiman Marcus CEO Geoffroy van Raemdonck will replace Richard Baker, who was the architect of the acquisition…
