Saks Global files for bankruptcy amid luxury market strains
Saks Global, parent company of Saks Fifth Avenue, filed for Chapter 11 bankruptcy protection following struggles with debt from its 2024 acquisition of Neiman Marcus. CEO Richard Baker stepped down as part of the filing, and former Neiman Marcus chief Geoffroy van Raemdonck will lead the company through the bankruptcy process. Changing consumer habits, a shift toward direct-to-consumer luxury purchases, and economic uncertainty contributed to … Continue reading Saks Global files for bankruptcy amid luxury market strains
