Bankruptcy protection and new CEO for Saks Global

The American group Saks Global, owner of luxury department store chains Saks Fifth Avenue and Neiman Marcus, hopes to overcome its financial difficulties by filing for Chapter 11 bankruptcy protection. A new CEO resigns after only two weeks, and a Belgian takes over.

Financing found

Last week, it became clear that Saks Global was on the verge of bankruptcy because it was unable to pay its debts. Now, the company has found $1.75 billion (€1.61 billion) in financing to keep its stores open during Chapter 11 proceedings. This gives the retailer protection from creditors and allows the stores to remain open while restructuring is underway.