Famed luxury department store Saks files for bankruptcy in US

The Saks flagship location on New York’s Fifth Avenue has operated since 1924

A Saks & Company doorman opens the 50th Street store entrance for a customer. Saks Global Enterprises has filed for bankruptcy to address mounting losses and a substantial debt load that has weighed down the iconic luxury retailer. Picture: AP Photo/Richard Drew

Saks Global Enterprises has filed for bankruptcy to address mounting losses and a substantial debt load that has weighed down the iconic luxury retailer.

The company, which operates its Saks Fifth Avenue stores along with Bergdorf Goodman and Neiman Marcus, entered Chapter 11 bankruptcy in Texas, it said in a statement.