Saks Global Has Filed for Chapter 11 Bankruptcy

SummarySaks Global has filed for voluntary Chapter 11 bankruptcy protection to manage its debt load after failing to meet a significant interest payment due at the end of DecemberFormer Neiman Marcus head Geoffroy van Raemdonck has been appointed as the new CEO to lead the restructuring effort, taking over the role from Richard BakerSupported by $1.75 billion USD in new debtor-in-possession financing, the company plans to keep all Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman locations ...