Saks Global Files for Chapter 11 Bankruptcy Following Neiman Marcus Acquisition

Saks Global filed for Chapter 11 bankruptcy protection in Texas after missing a $100 million interest payment and struggling with debt from its acquisition of Neiman Marcus.The luxury retail conglomerate secured a $1.75 billion financing package to maintain operations at its stores while undergoing a court-supervised restructuring.Geoffroy van Raemdonck replaces Richard Baker as CEO to lead the reorganization process involving thousands of creditors including Chanel and Kering.