US luxury retail group Saks Global, parent of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for bankruptcy Wednesday in the Southern District of Texas.

The company, weighed down by heavy debt, said it is reviewing its operations to invest where there is “the greatest long-term potential.”

Former Neiman Marcus head Geoffroy van Raemdonck was named CEO, replacing Richard Baker. “This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” he said.

Stores including Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call, and Horchow will remain open after the company secured $1.75 billion in financing, part of which will support operations and turnaround initiatives.

Saks Global said it will “honor all customer programs, make go-forward payments to vendors, and continue employee payroll and benefits.” “Throughout this process, Saks Global will remain focused on what has always defined the company: exceptional brands, trusted relationships and an unwavering commitment to its loyal customers,” the group added.