Saks Global is gearing up to file for bankruptcy after missing a debt payment.
The Wall Street Journal (WSJ) broke the news, reporting that the retail giant had missed the interest payment, which was related to acquiring Neiman Marcus.
Saks took on the debt in 2024 and has been facing financial difficulties ever since, struggling with lessened interest for luxury goods, weakened sales and delays in vendors being paid.
Hudson's Bay Company created the firm in July last year following its US$2.65 billion acquisition of Neiman Marcus, which it then combined with Saks Fifth Avenue, and more.
The WSJ, citing sources familiar with the matter, said that Saks was looking to file for bankruptcy in the coming weeks after discussions with its creditors and missing a debt payment.
