Saks Eyes Filing for Chapter 11 Bankruptcy as Soon as Sunday

Saks Global Enterprises, the cash-strapped luxury retailer, is planning to file for Chapter 11 bankruptcy protection as soon as Sunday, according to people familiar with the matter.

The company is heading toward Chapter 11 without a restructuring agreement in place, with an eye toward crafting one in the coming weeks, said the people, who asked not to be identified discussing a private matter. While a bankruptcy filing is likely to come in the next few days, Saks’ plans remain in flux and the timing could still change, they said.