Saks Global is preparing shortly to file for bankruptcy after missing a debt payment related to its Neiman Marcus acquisition, according to the Wall Street Journal .
The Journal noted that the high-end department store Saks Fifth Avenue did not make an interest payment of over $100 million on its bonds and is talking to creditors to secure financing for the bankruptcy process.
Rising inflation and a weakening labor market have slowed discretionary spending for many consumers, including on luxury items. Saks Global has had many rounds of layoffs this year.
The company aims to sell a minority stake in luxury retailer Bergdorf Goodman to reduce…
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