Saks Global Files for Bankruptcy

Saks Global, which owns Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, has filed for bankruptcy.

This means they owe a lot of money to many companies and need help to reorganize their finances.

The company tried to get more money from investors and lenders, but they were unsuccessful.

Now, a new team is in charge, and they will try to fix the company's problems.

Many luxury brands are worried because they haven't been paid for the items they sold to Saks Global.

The company's financial troubles started because people aren't buying as many luxury goods, and they couldn't pay their suppliers on time.

This led to a cycle where they had less stuff to sell, which made it even harder to make money.