Iconic Luxury Retailer Saks Files for Bankruptcy amid Struggle with Merger Debt [Yahoo! Finance]
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Source: Yahoo! Finance
Goodman — has become the latest department store owner to file for Chapter 11 bankruptcy protection. The company said Wednesday that it secured $1.75 billion in financing to keep its store doors open and named a new CEO. But whether some fast cash will lead to a long-term recovery for Saks is still being sorted and folded. SUBSCRIBE: Receive more of our free The Daily Upside newsletter. READ ALSO: AI Market Looks More Like Boom than Bubble After TSMC Earnings and Coinbase CEO's Change of Heart on Crypto Framework Stalls Key Senate Bill The writing for Saks was on the dressing room wall. In December, Saks missed an interest payment as part of its debt-fueled merger with Neiman Marcus. Since taking on billions in debt in 2024 to buy Neiman Marcus, Saks piled up past-due bills from vendors and brands, The Wall Street Journal reported. Vendors then withheld their stock, leaving shelves sparse for any shoppers looking for the latest trends. As the department store brand's stock dwind
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