The world’s largest luxury retailer filed for bankruptcy protection with total debts of about $5 billion after failing to make a $100 millon interest payment to bondholders in December.WHO: The original Saks Fifth Avenue store was opened by retail pioneer Andrew Saks in 1867. Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations, and five distinct e-commerce experiences.The retailing group has $10 billion in projected annual revenue. The top 3% of Saks’ customers spend more than $10,000 each year at the retailer and collectively contribute 40% of its gross merchandise value, according to a company bankruptcy filing.WHY: The ambitious $2.7 billion Neiman Marcus deal orchestrated by real estate executive Richard Baker created a high level of debt and subsequent cash crunch that forced Saks to delay payments to suppliers, who then withheld shipments, leaving holes in inventory that alienated Saks’ customers.IN THEIR OWN WORDS: "Access to this significant capital is instrumental as we work to strengthen our financial foundation and best position Saks Global for the future. Our stores and ecommerce experiences are open and focused on delivering exceptional products, elevated luxury experiences and highly personalized service to our customers," said Geoffroy van Raemdonck, CEO, Saks Global.