Saks Global Prepares for Bankruptcy After Missed Payment

Saks Global is preparing to file for bankruptcy following multiple rounds of layoffs and a missed $100 million interest payment on its bonds.The financial distress emerged shortly after the company acquired rival department store Neiman Marcus for $2.6 billion with backing from Amazon and Salesforce.Rising inflation and a weakening labor market have significantly reduced discretionary spending on luxury goods, forcing the retailer to seek emergency financing.