Saks seeks bankruptcy protection amid heavy debt

Saks Global has sought bankruptcy protection as it works to restructure heavy debt; the company said stores will remain open and that suppliers and employees will be paid.

Saks Global has sought bankruptcy protection as it moves to address heavy debt. The private company said stores will remain open while it restructures company debt. It also said it will honor customer programs and that suppliers and employees will be paid. Key details: - The company reported it will keep stores operating during the restructuring and will continue customer programs. - Suppliers and employees were reported as being guaranteed payment by the company. - The company said its retail footprint includes about 33 Saks stores, 36 Neiman Marcus locations, two Bergdorf Goodman stores and roughly 70 Saks Off 5th discount stores. - Geoffroy van Raemdonck, who recently took over for the executive leadership role, said the step represents a defining moment to strengthen the business foundation. Summary: The filing begins a formal restructuring process intended to address the company’s debt while maintaining ongoing operations and payments to staff and suppliers. Undetermined at this time.