All articles tagged with #saks
Saks Global will shutter nearly 65 discount stores—roughly 60 Off 5th locations and five Last Call stores—while keeping about a dozen Off 5th outlets to liquidate residual inventory as it pivots to luxury via Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman after filing for bankruptcy. Closing sales start late January (Off 5th) and January 30 for the website; gift cards will be accepted through mid-February.
Amazon asked a federal judge to reject Saks Global’s Chapter 11 financing plan, arguing Saks burned hundreds of millions of dollars in under a year, missed budgets, and left retailers unpaid; Saks had partnered with Amazon to run a Saks storefront on Amazon and guaranteed at least $900 million in referral fees over eight years, but Amazon’s equity investment in Saks is now presumptively worthless.
Amazon asked a U.S. judge to reject Saks Global’s bankruptcy financing plan, arguing Saks’ $475 million equity stake in the Neiman Marcus deal is effectively worthless, and that the plan would saddle more debt on Saks while pushing Amazon lower in repayment. It warned of possible drastic remedies, including appointing an examiner or trustee. Saks won court approval to tap $1.75 billion in new financing to avoid liquidation as the Chapter 11 case proceeds in Houston.
A U.S. judge approved about $400 million in DIP financing for Saks Global Enterprises as part of its Chapter 11 case, enabling a short-term cash infusion while a larger $1.75 billion package awaits final approval. Amazon argued Saks breached a deal to sell Saks products on Amazon and that its equity stake is presumptively worthless; Saks contends the financing is essential to avoid liquidation and keep vendors and payroll funded as the case proceeds. The creditors may appeal or seek adjustments to the deal in subsequent hearings.
Richard Baker is exiting Saks Global Enterprises as the retailer prepares to restructure under bankruptcy protection and nears a Chapter 11 filing; Geoffroy van Raemdonck is expected to be named the new CEO, as Saks weighs mounting losses and a heavy debt load across its Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus operations.
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.
Sydney Sweeney is launching a lingerie label backed by Ben Schwerin of Coatue, and her presence at a recent Bezos-Sánchez event was linked to her new fashion venture, highlighting her transition from actress to designer amidst ongoing Saks debt issues.