Saks Global Files for Bankruptcy to Address Immense Debt

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Saks Global Files for Bankruptcy to Address Immense Debt

dealbreaker

5 months ago

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On Wednesday, Saks Global officially filed for Chapter 11 bankruptcy, only a little over a year after acquiring Neiman Marcus Group in a $2.7 billion deal. In a press statement, the company said the filing is supported by its key financial stakeholders and that it has secured $1.75 billion in financing, comprised of $1.5 billion from an ad hoc group of senior secured bondholders and approximately $240 million in incremental liquidity from asset-based lenders. All stores across Saks Fifth Avenue,...

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