Saks Global Files for Chapter 11 Bankruptcy Protection in Face of Massive Debt

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.

Saks Global, which also operates Bergdorf Goodman, has secured roughly $1.75 billion in financing, the New York company said as it filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.

Read more at AP News