Saks Global files for bankruptcy after takeover leads to financial collapse

Debt-riddled retail giant's demise has cast uncertainty over the future of US luxury fashion

The high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday in one of the largest retail collapses since the pandemic, barely a year after a deal that brought Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.

The move cast uncertainty over the future of US luxury fashion, though the retailer said early on Wednesday its stores would remain open for now after it finalised a $1.75bn financing package and appointed a new CEO.