US department store chain Saks Global has won court approval to hire a liquidator to offload the assets of its off-price ecommerce unit Saks Off Fifth.
Saks Off Fifth is independently managed and its inventory does not include any of Saks Global’s physical stores, the chain’s attorney Michael K. Riordan said in court on 23 January.
A chief restructuring officer and independent manager have been appointed to manage the process, as the online firm may owe money to its parent company, Drapers reported.
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The news comes after Saks Global filed for bankruptcy earlier this month, with the business citing $3.4bn (£2.55bn) in debt following its failed merger with department store chain Neiman Marcus which was said to have caused cash shortfalls.
In the same statement as its bankruptcy announcement, the retailer revealed that Neiman Marcus Group CEO Geoffroy van Raemdonck had been appointed as its new global CEO, effective 13 January.
Saks previously announced that global CEO Marc Metrick would be stepping down from his position on 2 January.
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