All articles tagged with #luxury retail
Originally Published 2 days ago — by BBC
Saks Fifth Avenue is facing imminent bankruptcy due to financial struggles following a costly acquisition of Neiman Marcus, leading to inventory shortages, delayed vendor payments, and declining customer confidence, which threaten its future viability.
Originally Published 3 days ago — by Bloomberg.com
Saks Global Enterprises is planning to file for Chapter 11 bankruptcy as soon as Sunday due to severe cash flow issues, despite advanced negotiations for a $1.25 billion debtor-in-possession financing package to keep the business operational during bankruptcy proceedings.
Originally Published 8 days ago — by Business Insider
Saks Fifth Avenue's parent company, Saks Global, faces imminent bankruptcy after a tumultuous year marked by missed payments, high debt, and operational struggles, risking its future in the luxury retail market and impacting vendors and brand partnerships.
Originally Published 9 days ago — by The Guardian
Saks Global's CEO, Marc Metrick, has stepped down amid reports that the luxury retailer is preparing for bankruptcy, following challenges in the luxury department store sector and a failed merger with Neiman Marcus, with Richard Baker appointed as the new CEO.
Originally Published 9 days ago — by Reuters
Saks Global's CEO Marc Metrick has resigned amid reports of impending bankruptcy, with Richard Baker appointed as his successor, as the luxury retailer faces financial struggles following a merger with Neiman Marcus and shifting consumer preferences in the luxury market.
Originally Published 9 days ago — by ABC News
Saks Global Enterprises, owner of Saks Fifth Avenue and Neiman Marcus, announced the immediate resignation of CEO Marc Metrick amid financial struggles stemming from a $2.65 billion debt from acquiring Neiman Marcus and increased sector competition, with Richard Baker stepping in as interim CEO.
Originally Published 9 days ago — by CNBC
Saks Global, the parent company of Saks Fifth Avenue, is preparing to file for bankruptcy amid financial struggles following a missed debt payment related to its acquisition of Neiman Marcus. The company has appointed Richard Baker as its new CEO and continues efforts to stabilize its finances through asset sales and debt restructuring.
Originally Published 10 days ago — by PR Newswire
Saks Global announced that Richard Baker, the company's Executive Chairman, has become the new CEO, succeeding Marc Metrick who is stepping down after nearly three decades to pursue new opportunities. Baker will continue as Executive Chairman and focus on advancing Saks' transformation and luxury market growth.
Originally Published 11 days ago — by CNBC
Saks Global is preparing to file for bankruptcy after missing a $100 million interest payment on its bonds, amid ongoing struggles with declining demand in the luxury retail sector due to economic challenges, despite recent efforts to sell assets and restructure debt.
Originally Published 3 months ago — by BBC
Harrods has allocated over £60 million to compensate alleged victims of abuse by former owner Mohamed Al Fayed, with a scheme open until March 2026, as part of its efforts to address past misconduct amid financial challenges.
Originally Published 5 months ago — by EntertainmentNow
Jennifer Lopez was denied entry to a Chanel store in Istanbul due to capacity limits but responded calmly and continued her shopping at other luxury stores, showcasing her composure during unexpected situations while on her tour in Turkey.
Originally Published 1 year ago — by The Cut
Louis Vuitton has opened a new temporary store on 57th Street in New York City, drawing a crowd of celebrities, influencers, and affluent shoppers to its grand opening event. The store, located in a former Niketown, will serve as a temporary location for seven years while a permanent site is under construction. The event featured upscale food, music by DJ duo Fcukers, and appearances by stars like Bradley Cooper and Ana de Armas. The opening comes amid political tensions and economic concerns, yet attendees seemed eager to indulge in luxury retail therapy.
Originally Published 1 year ago — by CNBC
Burberry shares dropped 11% after the company issued a profit warning, replaced its CEO, and suspended its dividend following a disappointing first-quarter performance. The luxury retailer expects an operating loss for the first half of the year if the current trading slowdown continues. Joshua Schulman has been named the new CEO, replacing Jonathan Akeroyd. The company plans to focus on rebalancing its product offerings and delivering cost savings to improve performance in the second half of the year.
Originally Published 1 year ago — by NBC News
A lawsuit filed in San Francisco accuses luxury retailer Hermes of violating antitrust law by requiring customers to make substantial purchases of other goods before being allowed to buy its coveted Birkin handbags, which can cost tens of thousands of dollars. The lawsuit claims that sales associates are directed to offer Birkins only to customers with a sufficient purchase history, using the bags to coerce additional purchases for which they receive a commission. The plaintiffs seek class action status and monetary damages, alleging that Hermes' selling tactics are unfair.
Originally Published 1 year ago — by KABC-TV
A lawsuit filed in San Francisco accuses luxury retailer Hermes of violating antitrust law by selling its coveted Birkin handbags only to customers who have spent significant amounts of money on other goods at the store. The lawsuit claims that customers must be "deemed worthy" by sales associates and have an established purchase history or profile with the store to be shown a Birkin in a private room. The plaintiffs seek class action status and monetary damages, alleging that Hermes uses the Birkin handbags to coerce customers into buying other products.