Saks Global seeks to file for bankruptcy as soon as Sunday, Bloomberg News reports

Jan 9 (Reuters) - Luxury retailer Saks Global is planning to ​file for Chapter 11 ‌bankruptcy as soon as Sunday, Bloomberg ‌News reported on Friday, citing people familiar with the matter.

The owner of New York's century-old ⁠Fifth Avenue ‌flagship store is preparing to file for bankruptcy ‍without a restructuring deal in place, though it aims to craft one ​in the coming weeks, according ‌to the report.

The company is also in advanced discussions on about $1.25 billion debtor-in-possession financing package with creditors, which would allow ⁠it to keep ​its business running ​during bankruptcy and pay vendor dues, the report added.

Saks ‍Global ⁠did not immediately respond to a Reuters request for comment.

(Reporting ⁠by Anuja Bharat Mistry in Bengaluru; ‌Editing by Saumyadeb Chakrabarty ‌and Shinjini Ganguli)