NEW YORK: Saks Global’s prime real estate portfolio could serve as a crucial bargaining chip with lenders as the hard-hit luxury shopping empire navigates its restructuring after filing for bankruptcy.
The upmarket US department store conglomerate filed for Chapter 11 bankruptcy protection late on Tuesday, barely a year after a debt-laden takeover intended to create a luxury powerhouse by bringing Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus under the same roof.
