Pakistan, Jan. 14 -- Luxury department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, marking one of the largest retail collapses since the COVID-19 pandemic. The bankruptcy comes less than a year after the merger that brought Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus under one corporate umbrella.

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Saks Global had been negotiating a $1.75 billion financing package with creditors that would have allowed stores to remain open, but the deal failed to materialize in time, sources familiar with the matter told Reuters. The company's largest unsecured creditors include Kering, the owner of Chanel, at approximately $136 million, and Gucci...