Saks Global files for bankruptcy amid debt and luxury slowdown

NEW YORK CITY, New York: After years of expansion fueled by debt and rising pressure from cautious luxury shoppers, Saks Global has sought bankruptcy protection as it moves to overhaul its business and balance sheet.

The New York-based private company, which owns Saks Fifth Avenue and Neiman Marcus, said on January 14 that it had filed for Chapter 11 bankruptcy in the Southern District of Texas. The filing