Saks Global Files for Bankruptcy

Saks Global—the parent company of Saks Fifth Avenue and Neiman Marcus— has filed for bankruptcy protection amid heavy debt and sliding sales, just a year after the two luxury department stores completed a $2.7 billion merger, Forbes Daily reported.

A bondholder group will provide the company with $1 billion in financing to support continued operations and an attempted turnaround once the bankruptcy filing is greenlit.

Once the Chapter 11 plan is approved by the court, a bondholder group will provide the company with $1 billion in financing to support continued operations and an attempted turnaround.

Meanwhile, consumer prices rose 2.7% in December, matching Wall Street expectations, though economists have questioned the accuracy of recent federal data following last year’s government shutdown.

Most traders do not expect the Federal Reserve to cut rates at its January meeting. Last month, Chairman Jerome Powell said the central bank would “wait and see how the economy evolves” before making further rate cuts.