Saks Global seeks to file for bankruptcy as soon as Sunday, Bloomberg News reports
Jan 9 (Reuters) - Luxury retailer Saks Global is planning to file for Chapter 11 bankruptcy as soon as Sunday, Bloomberg News reported on Friday, citing people familiar with the matter.
The owner of New York's century-old Fifth Avenue flagship store is preparing to file for bankruptcy without a restructuring deal in place, though it aims to craft one in the coming weeks, according to the report.
The company is also in advanced discussions on about $1.25 billion debtor-in-possession financing package with creditors, which would allow it to keep its business running during bankruptcy and pay vendor dues, the report added.
Saks Global did not immediately respond to a Reuters request for comment.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Saumyadeb Chakrabarty and Shinjini Ganguli)
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