The move is akin to a Chapter 11 bankruptcy filing in the U.S. The proceedings do not affect U.S.-Saks Global, which is a standalone entity distinct from Hudson's Bay Co. (Previously, Hudson's Bay, Saks Fifth Avenue and Saks Off 5th were part of HBC, a holding company. But the holding company has disbanded after HBC purchased the Neiman Marcus Group and formed Saks Global, which includes Saks, Neiman Marcus, Bergdorf Goodman and Saks Off 5th.) [READ MORE: Saks Global finalizes $2.7B purchase of Neiman Marcus ] "This decision was made with the best interests of our customers, associates and partners in mind," said Liz Rodbell, president and CEO of Hudson's Bay Co.