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Maroc Maroc - WN.COM - Mideast - 14/Jan 17:13

Saks seeks bankruptcy protection, overwhelmed by debt

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago. Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas. The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said....

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thedeepdive.ca - 17/Jan 20:43

Saks Global filed for bankruptcy protection late Tuesday, barely a year after consolidating Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus,...

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The Debt Black Hole Claims Another Victim

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(Mike Maharrey, Money Metals News Service) The Debt Black Hole has claimed another victim. Saks Global Holdings, the parent company of Saks Fifth...

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