Saks Global Files for Chapter 11 Bankruptcy

#WashingtonDC, #USA
Saks Global filed for Chapter 11 bankruptcy protection after securing a $1.75 billion financing deal to address a $550 million inventory shortfall.The luxury retailer plans to shutter underperforming stores and monetize real estate assets to counter rising competition from brands like Chanel and Louis Vuitton.Chanel currently stands as the largest unsecured creditor in the proceedings with a claim of approximately $136 million.
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