Saks Global might file for bankruptcy after missing $100 million payment
Saks Global—the company behind Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus—looks set to file for bankruptcy soon.
They missed a $100 million interest payment on their huge $2.7 billion debt from buying Neiman Marcus, and now reports say Chapter 11 is likely in the next few weeks.
Cash moves couldn't save them
Earlier this year, Saks tried to fix things by restructuring debt and adding $600 million in cash.
Just last week, they sold off two big Neiman Marcus stores to raise another $100-200 million.
Still, it wasn't enough to dodge bankruptcy.
What this means for luxury shopping
Saks's money troubles have already made some luxury brands nervous—late payments have hurt trust.
If the company goes bankrupt, those brands might rethink working with Saks, which could shake up where you shop for high-end fashion next year.