Business
Saks Global Bankruptcy Plan Approved
The parent of Saks and Neiman Marcus received approval of its reorganization plan on Friday from the U.S. Bankruptcy Court for the Southern District of Texas, paving the way for it to exit Ch. 11 in the coming weeks.
When Saks Global filed for bankruptcy in January, it threw the viability of luxury department store shopping into question. It owed suppliers, including European luxury houses such as Chanel and LVMH, tens of millions of dollars.
It has since mended relationships with suppliers and will emerge from court protection on stronger financial footing, having eliminated about 75% of its debt, the company said.
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