People reports Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for Chapter 11 bankruptcy late Tuesday in U.S. Bankruptcy Court for the Southern District of Texas after struggling under a heavy debt load following its 2024 acquisition of Neiman Marcus. Former Neiman

Saks Global, the owner of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection late Tuesday, saying it had been overwhelmed by billions of dollars in debt, fraying relationships with vendors and lagging sales. The company said it had secured roughly $1.75 billion to help finance