Saks Global Set to File for Chapter 11 Bankruptcy This Sunday

Bankruptcy is a legal process through which individuals or businesses that cannot repay their debts can seek relief from some or all of their obligations. It allows for the reorganization or liquidation of assets to pay creditors.

Chapter 11 bankruptcy is a type of bankruptcy that allows businesses to reorganize their debts while continuing to operate. It provides a framework for the company to restructure its finances and pay creditors over time.

A luxury retailer is a company that sells high-end products, often characterized by premium quality, exclusivity, and high prices. These retailers typically target affluent consumers looking for luxury goods.

A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, leading to a loss of confidence in the financial system. This can result in widespread economic instability.