Stoli Group filed to convert two of its U.S. companies from chapter 11 to chapter 7 bankruptcy after the company could not reach a restructuring agreement with its senior lender.

The move comes 13 months after Saks paid $2.7 billion to acquire its competitor. Since then, the chain has struggled with a reported $4.7 billion debt, according to Retail Dive. Saks has reportedly had trouble paying vendors and is having a hard time obtaining inventory.

Saks Global, the parent company of luxury retailer Saks Fifth Avenue, has filed for Chapter 11 bankruptcy protection after struggling under a heavy debt load and running out of cash following its 2024 acquisition of rival Neiman Marcus.

Spirit’s unionized pilots have publicly urged the airline’s major lenders to back the company’s Chapter 11 bankruptcy reorganization, warning liquidation would severely impact