Saks Global, the luxury retail parent company of Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, announced late Tuesday that it has filed for bankruptcy.

The move cast uncertainty over the future of U.S. luxury fashion, though the retailer said its stores would remain open for now.

The Chapter 11 filing announced on Wednesday for the iconic, century-plus-old retailer — which oversees Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman and Saks Off 5th — could ripple through to ot

The venerable retailer is seeking protection from its creditors after $2.65 billion purchase of Nieman Marcus failed to spark growth.

The owner of Saks, Neiman Marcus and Bergdorf Goodman becomes the highest-profile department-store chain to file for chapter 11 since the pandemic.

The company behind luxury brands Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman filed for bankruptcy after failing to make interest payments. Saks Global filed for Chapter 11 protection on Tuesday after missing a $100 million interest payment on Dec.

Saks Global, which also owns Neiman Marcus and Bergdorf Goodman, filed for bankruptcy protection after running out of cash.

Former Neiman Marcus Group chief Geoffroy van Raemdonck has been named CEO to steer the process, taking over from Richard Baker, who stepped down.