Luxury retailer Saks Global files for bankruptcy

New York: US luxury retail group Saks Global, the heavily indebted parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, said Wedne...

New York: US luxury retail group Saks Global, the heavily indebted parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, said Wednesday it had filed for bankruptcy.

The group has struggled with a substantial debt load and said in a statement it initiated bankruptcy proceedings in the US Bankruptcy Court for the Southern District of Texas.

Saks Global said it was evaluating its operational footprint to invest where there is "the greatest long-term potential."

The organization said it had appointed former Neiman Marcus Group head Geoffroy van Raemdonck as its new CEO with immediate effect, replacing Richard Baker.

"This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future," said van Raemdonck.