Saks Global files for bankruptcy

(CNN)– The parent company of luxury retailer Saks Fifth Avenue filed for bankruptcy protection late Tuesday.

“Saks Global” filed for chapter 11 protection in U.S. Bankruptcy Court for the Southern District of Texas.

This marks the first major retailer bankruptcy of the new year.

The company had struggled with a heavy debt load following its purchase of rival Neiman Marcus in 2024.

“Saks Global” bought Neiman Marcus for nearly $1.7 billion.