The plan, according to the application filed with a court in the state of Texas in the United States, is to make the chain's mountain of debt manageable.
Saks Global Enterprises has named Geoffroy van Raemdonck as its new CEO; he was involved in the Neiman Marcus acquisition. He replaces Richard Baker, who resigned on Tuesday.
The application is being submitted a little over a year after Saks took out a multi-billion dollar loan to finance the purchase of Neiman Marcus.
Saks - which also operates the Bergdorf Goodman department store chain - suspended interest payments to bondholders totaling more than $100 million late last year.
