Saks Global, the parent company of the iconic luxury department store Saks Fifth Avenue, has filed for Chapter 11 bankruptcy protection as it grapples with overwhelming debt and a slowdown in the luxury market. The company, recently acquired by Neiman Marcus, faced financial collapse after the takeover and now owes approximately $225 million to major luxury brands including Chanel and Kering. Saks has secured a $1.75 billion financing package to aid its restructuring efforts, but the bankruptcy raises concerns about the future of its retail operations and what it means for consumers. This situation marks a significant turning point in the luxury retail sector, impacting not only Saks but potentially other retailers like Macy’s as well.