Saks Global, the parent of Saks Fifth Avenue and Neiman Marcus, has filed for bankruptcy protection, The Wall Street Journal’s Suzanne Kapner and Becky Yerak report. Former Neiman Marcus CEO Geoffroy van Raemdonck has been selected to lead Saks through bankruptcy as its CEO, effective immediately, according to the report, which adds that Saks has secured roughly $1.75B in financing for the process. Publicly traded companies in the space include Macy’s (M), Kohl’s (KSS), Dillard’s (DDS).
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on M:
- Macy’s Begins Store Closures under Its ‘Bold New Chapter’ Strategy
- Macy’s call volume above normal and directionally bullish
- Macy’s ‘Bold New Chapter’ Shows Promising Experiential Progress, But Early Execution Risks Justify Hold Rating
- Macy’s Finalizes Separation Agreement with Former COO
- Macy’s price target raised to $27 from $26 at Jefferies